BITO - GBTC? Nah. Cathie Wood's Ark Invest Bets Future On BITO For Explosive Growth | Benzinga
In a notable shift in investment strategy, ARK Investment Management, led by CEO Cathie Wood, has sold its entire remaining position in Grayscale Bitcoin Trust (OTC: GBTC).
This move is particularly significant as GBTC was the largest holding in ARK's Next Generation Internet ETF (NYSE: ARKW) just a month ago.
Bloomberg analyst Eric Balchunas highlighted in a recent tweet that approximately $100 million from the sale was used to purchase shares in ProShares Bitcoin Strategy ETF (NYSE: BITO).
BITO, launched in October 2021, is ...