ARK Continues to Shuffle Out of BITO, Buys $15M of its Own ETF
Summary
ARK Invest is transitioning from the ProShares Bitcoin Strategy ETF (BITO) to its own recently launched spot bitcoin ETF. On January 18, the ARK Next Generation Internet ETF (ARKW) sold 758,915 shares of BITO, valued at about $15 million, and purchased 365,695 shares of ARKB, ARK's own bitcoin ETF, also valued at $15 million. This follows a similar move made previously. ARK had earlier sold its GBTC holdings and bought BITO shares in anticipation of the approval of spot bitcoin ETFs in the U.S., planning to switch BITO for a spot bitcoin ETF upon approval.
