According to Coincu, Cathie Wood's ARK Invest has strategically acquired 360,830 shares of Ark 21Shares Bitcoin ETF (ARKB) while selling 585,915 shares of ProShares Bitcoin Strategy ETF (BITO). The acquisition, valued at approximately $14.15 million, is part of ARK Invest's integration of ARKB into its Next Generation Internet ETF (ARKW).
The firm's recent trade filing reveals its continued support for Ark 21Shares Bitcoin ETF amidst intense competition in the spot Bitcoin ETF market. This follows ARK Invest's previous purchase of 523,541 ARKB shares at $21 million and the sale of 648,091 units of BITO for $12.85 million. The Securities and Exchange Commission recently approved 10 spot Bitcoin ETFs to launch simultaneously, further intensifying the competitive landscape.
Cathie Wood, CEO of Ark Invest, emphasized her positive stance on Bitcoin, stating that it is underpinned by the world's largest computer network. She argues that the Bitcoin network surpasses the combined size of the clouds developed by Amazon, Google, and Microsoft over the last two decades.
Bloomberg Intelligence had previously predicted that Ark Invest would shift its position from the Grayscale Bitcoin Trust (GBTC) to bolster ARKB's asset base. Analysts highlighted the importance of flows and volumes in marketing an ETF, emphasizing their significance for the fund's success.
Currently, the Ark 21Shares Bitcoin ETF holds the fourth position among spot Bitcoin ETFs after five days of trading, trailing behind BlackRock, Fidelity, and Bitwise, according to Bloomberg Intelligence data.