Cathie Wood’s ARK ETF Overhauls Bitcoin Portfolio: ProShares In, Grayscale Out – What’s The Strategy?
Cathie Wood's ARK Next Generation Internet ETF sold its 2.25 million shares of Grayscale Bitcoin Trust and acquired 4.32 million shares of ProShares Bitcoin Strategy ETF due to caution about the trust's conversion to a spot Bitcoin ETF and its reduced discount. The move aligns with Bloomberg's previous prediction and aims to boost ARK's ETF assets under management. Wood's long-term vision involves gradual changes in the ETF's portfolio composition, including purchasing shares of ARK 21Shares Active Bitcoin Futures Strategy ETF and selling shares of Coinbase Global. Despite volatility, the ARK ETF has gained 103% for the year, surpassing the Nasdaq 100 Index. BTC is trading at $42,800 with a marginal 0.3% decrease in value over the past 24 hours.
