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ARK Bought $62.3M Worth of Own ETF in Last Week; Sold $42.7M of BITO - BSCDesk : Binance Smart Chain and Crypto News

ARK Bought $62.3M Worth of Own ETF in Last Week; Sold $42.7M of BITO

ARK Invest continued to offload shares of ProShares Bitcoin Trust ETF (BITO) in the last week while accumulating its own spot bitcoin exchange-traded fund.

Cathie Wood’s investment firm sold a total of 2,226,191 shares of the bitcoin futures ETF since Jan. 19, worth around $42.8 million at Thursday’s closing price of $19.22, from its Next Generation Internet ETF (ARKW).

Meanwhile, it has bought 1,563,619 shares in the ARK 21 Shares Bitcoin ETF (ARKB), worth approximately $62.3 million. ARKB closed on Thursday at $39.87, up a negligible 0.68% on the day.

ARK held BITO as a short-term play having offloaded its shares of the Grayscale Bitcoin Trust (GBTC) late last year, in anticipation of approval of spot bitcoin ETFs in the U.S., with plans to swap BITO for a spot bitcoin ETF once the approval came.

ARKW now holds $91.4 million of ARKB, constituting a 5.98% weighting of the fund’s total value. Its BITO shares now number just 366,128 at a value of $7 million, a 0.46% weighting.

Edited by Oliver Knight.

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