Cathie Wood's ARK Invests in ProShares Bitcoin ETF After Dumping Grayscale Holdings
ARK Invest purchased 4.3 million shares of ProShares Bitcoin Strategy ETF (BITO), valued at $9.2 million, after selling its remaining holdings in the Grayscale Bitcoin Trust (GBTC). The firm also sold $27.6 million worth of Coinbase (COIN) stock and bought 20,000 shares of the Ark 21Shares Active Bitcoin Future Strategy ETF. The ProShares ETF, which began trading in October 2021, now makes up 5.03% of the ARK Next Generation Internet ETF (ARKW), becoming its sixth-largest holding. Despite selling 148,885 shares, Coinbase remains the fund's largest holding at just under 12%. This shift in holdings precedes the Securities and Exchange Commission's anticipated decision next month on whether to permit spot bitcoin ETFs to trade in the U.S. Both Grayscale and Ark 21Shares have filed ETF applications with the regulator.
