Coin Edition -
- ARK Invest shifts from ProShares Bitcoin ETF to ARK 21Shares Bitcoin ETF and Ethereum.
- Strategic acquisitions of Meta Platforms shares signify diversification within ARK’s portfolio.
- Divestment of SQ stock indicates a strategic move to reallocate resources within ARK’s investments.
Investment company ARK Invest, led by Cathie Wood, has completed selling its holdings in the ProShares Bitcoin Strategy ETF (BITO), a move that suggests a shift in the business’s approach to investing. At the close price of $28.22, the company sold 237,983 BITO shares from its Next Generation Internet ETF (ARKW), generating transactions of $6.7 million.
In late 2023, ARK made a significant move by acquiring over 4 million BITO shares, foreseeing a short-term opportunity pending the approval of spot bitcoin ETFs in the U.S. However, with the continuous sales in January and the recent divestment of the remaining shares, ARK has effectively exited its position in BITO.
Consequently, ARK’s attention has now turned to its own ARK 21Shares Bitcoin ETF (ARKB), which has emerged as the largest holding within the fund. With 2,480,644 shares valued at $160.6 million, ARKB constitutes a substantial 10.4% weighting of the fund’s total value, further solidifying ARK’s commitment to cryptocurrency investment.
Earlier, on April 19, ARKW sold 28,936 shares of BITO while simultaneously increasing its holdings with the acquisition of 139,152 shares of ARKB, ARK’s bitcoin ETF. Moreover, ARK expanded into Ethereum investments, buying 41,068 shares of ProShares Ether ETF.
In addition, while BITO shares were being sold off, ARK Invest strategically bought shares of Meta Platforms (META). These purchases were made through ARKW and ARK Innovation ETF (ARKK), totaling 25,355 shares bought, valued at around $11.20 million based on the most recent closing price.
Whilst, Ark Invest expedited the divestment of the SQ stock. The firm dumped 212,715 shares of the Block Inc. from ARKK and Ark Fintech Innovation ETF (ARKF). The offloading was worth $15.48 million at the closing price of $72.79, dropping 1.67%. In the pre-market session, the SQ stock was up 0.77% to $73.35 on Friday.
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