Cathie Wood’s Ark Invest recently made a notable move in the cryptocurrency market by selling $15.84 million worth of ProShares Bitcoin Strategy ETF (BITO) units. This decision reflects Ark Invest’s strategic adjustments in response to evolving market conditions.
Ark Invest sold 757,664 units of the ProShares Bitcoin Strategy ETF through ARK Next Generation Internet ETF (ARKW). On the day of the trade, BITO closed at $20.91, experiencing a 0.7% decline.
This sale of a substantial portion of its holdings in the ProShares Bitcoin Strategy ETF aligns with Ark Invest’s recent strategic shifts in the cryptocurrency space. It is worth noting that Ark Invest had previously sold its entire remaining position in Grayscale Bitcoin Trust (GBTC) as part of an earlier investment strategy shift.
Cathie Wood, the CEO of Ark Invest, has projected that Bitcoin (BTC/USD) could potentially reach $1.5 million by 2030. This projection further emphasizes the strategic nature of Ark Invest’s decision. The company is also targeting $4 billion in its own Ark21Shares Bitcoin ETF (ARKB), according to a prior report.
In addition to the ProShares Bitcoin Strategy ETF trade, Ark Invest made several other key trades. The company purchased 31,370 shares of AMGEN INC (AMGN) through ARK Genomic Revolution ETF (ARKG). It also acquired 273,462 shares of PACIFIC BIOSCIENCES OF CALIF (PACB) in ARKK and 66,118 shares in ARKG. Furthermore, Ark Invest bought 35,486 shares of CRISPR THERAPEUTICS AG (CRSP) in ARK Innovation ETF (ARKK) and 8,381 shares in ARKG. Additionally, the company added 28,599 shares of QUALCOMM INC (QCOM) through ARK Next Generation Internet ETF (ARKW). Lastly, Ark Invest sold 337,517 shares of PFIZER INC (PFE) via ARKG.
Cathie Wood’s projection for Bitcoin’s potential growth and Ark Invest’s strategic adjustments reflect the company’s commitment to adapt to changing market conditions. As the cryptocurrency market continues to evolve, investors will closely monitor Ark Invest’s moves and adapt their own strategies accordingly.
Disclaimer: The information provided here is for informational purposes only. It should not be considered legal or financial advice.
