BITO - The 1 Type of Bitcoin ETF You Should Avoid According to Cathie Wood of Ark Invest
2024-05-05 06:20:00 ET
For investors looking for clues as to the future price trajectory of Bitcoin (CRYPTO: BTC) , it's worth keeping an eye on Cathie Wood of Ark Invest . While she's well-known for her $1 million price forecasts for Bitcoin, she has also emerged as one of the biggest champions of ETFs as a way for individual investors to get exposure to Bitcoin.
That's where things get interesting because not all Bitcoin ETFs are created equal . So which Bitcoin ETFs does Wood like, and which ones does she not like? To answer that question, we need to take a closer look at her recent moves.
Heading into 2024, Ark Invest initiated a strategy of loading up on the ProShares Bitcoin Strategy ETF (NYSEMKT: BITO) . At the time, this was the most popular Bitcoin ETF and the best way to get exposure to Bitcoin without buying it directly in the crypto market. All of this was in anticipation of SEC approval of the new batch of Bitcoin ETFs in January, which Wood predicted would send the price of Bitcoin soaring.
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The 1 Type of Bitcoin ETF You Should Avoid, According to Cathie Wood of Ark Invest