According to CryptoPotato, ARK Invest CEO Cathie Wood recently discussed the significance of Bitcoin, describing it as one of the most important investments of our lifetimes. Under Wood's leadership, Ark Invest actively manages a spot Bitcoin ETF in collaboration with 21Shares. In a CNBC interview, Wood emphasized Bitcoin's robust security infrastructure, which relies on the world's largest computer network.
Addressing earlier criticism from financial industry figures like CNBC's Jim Cramer, JPMorgan CEO Jamie Dimon, and Peter Schiff, Wood provided a counterargument that highlights Bitcoin's intrinsic value and high level of security. She noted that Bitcoin's network surpasses the combined size of the clouds constructed by Amazon, Google, and Microsoft over the past 15-20 years.
On January 23, Ark Invest liquidated 585,915 ProShares Bitcoin Strategy ETF (BITO) shares for approximately $12 million and used the proceeds to acquire 360,830 units of Ark 21Shares Bitcoin ETF (ARKB) valued at $14.5 million. Wood continued her strategic reallocation by removing ProShares Bitcoin Strategy ETF from ARK Next Generation Internet ETF (ARKW) and increasing Ark 21Shares spot Bitcoin ETF holdings. On January 22, ARKW sold 648,091 BITO units and used the funds to purchase 523,541 ARKB units. Ark Invest plans to continue acquiring ARKB spot Bitcoin ETF units until the targeted value is reached.
Cathie Wood's comments were prompted by a post from Yassine Elmandjra, Ark Invest's Director of Digital Assets, highlighting Bitcoin's hashrate reaching 500 exahashes/s. Elmandjra presented statistics showing that BTC outperforms the world's most powerful supercomputer by a factor of 500 in raw operations per second. Wood also mentioned that she expects a significant price surge as institutions increasingly adopt Bitcoin, leading to a substantial increase in value. She believes that reaching a million-dollar token requires more trust and envisions this milestone being achieved with institutions allocating 2% to 5% of Bitcoin in their asset portfolios.
