VCYT - Cathie Wood's Ark Invest Buys Over $92M Worth Of ProShares Bitcoin ETF Sells Coinbase Block And Palantir Shares | Benzinga
On Wednesday, Cathie Wood-led Ark Invest made a significant move in the cryptocurrency space, purchasing over $92 million worth of ProShares Bitcoin Strategy ETF (NYSE:BITO). This trade comes amidst a dynamic period in the crypto market, aligning with Ark Invest’s strategic adjustments in response to evolving market conditions.
The ProShares Bitcoin Strategy ETF Trade
Ark purchased 4,320,928 units of BITO through ARK Next Generation Internet ETF (NYSE:ARKW) on Wednesday. For the day, BITCO closed 3.2% higher at $21.31. The transaction was valued at $92.08 million.
Ark Invest’s acquisition of the ProShares Bitcoin Strategy ETF represents a substantial investment in the cryptocurrency sector. This move follows Wood’s recent comments on the potential impact of Bitcoin ETF approvals on the market. The investment aligns with her belief in the long-term value of Bitcoin (CRYPTO: BTC) and its related financial products.
Ark’s decision to invest heavily in BITO, highlights the firm’s confidence in the future of cryptocurrency, despite the recent divestment from other crypto-related assets like the Grayscale Bitcoin Trust (OTC:GBTC).
See Also: Cathie Wood Outlines Role Of Bitcoin Post-ETF Approval, Praises 21Shares: ‘The Plumbing Works’
The Coinbase Global Inc. Trade
In a contrasting move, Ark Invest also sold a significant portion of its holdings in Coinbase Global Inc (NASDAQ:COIN). This decision, involving the sale of ...