ARK Sells Last of Its ProShares Bitcoin Futures ETF Shares
The investment firm sold 237,983 BITO shares worth $6.7 million at Thursday's closing price of $28.22 from its Next Generation Internet ETF (ARKW)
Apr 26, 2024 at 10:25 a.m. UTC
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- ARK bought over 4 million BITO shares late last year as a short-term play in anticipation of the approval of spot bitcoin ETFs in the U.S., with plans to swap them once the approval came.
- Following consistent sales in January, ARK has sold the last of its BITO shares in the past week.
Cathie Wood's ARK Invest offloaded the last of its shares in ProShares Bitcoin Strategy ETF (BITO) on Thursday.
The investment firm sold 237,983 BITO shares worth $6.7 million at Thursday's closing price of $28.22 from its Next Generation Internet ETF (ARKW).
ARK bought over 4 million of the shares late last year as a short-term play in anticipation of the approval of spot bitcoin ETFs in the U.S., with plans to swap them once the approval came.
Following consistent sales in January, ARK has sold the rest of its BITO shares in the past week.
Meanwhile, its own ARK 21Shares Bitcoin ETF (ARKB) is now the fund's largest holding with 2,480,644 shares, worth $160.6 million at Thursday's closing price of $64.76. This constitutes a 10.4% weighting of the fund's total value.
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Jamie Crawley is a CoinDesk news reporter based in London.