ARK Sells Last of Its ProShares Bitcoin Futures ETF Shares

As an observer with some experience in the financial market, I’ve noticed that Cathie Wood and her ARK Invest team have been actively managing their position in the ProShares Bitcoin Strategy ETF (BITO) lately. Last year, they bought over 4 million shares of BITO as a short-term play, anticipating the approval of spot bitcoin ETFs in the U.S., with plans to swap them once the approval came. However, it seems that they were not as patient as they thought, and following consistent sales in January, they have now sold the last of their BITO shares in the past week.

On Thursdays, Cathie Wood’s ARK Invest sold their remaining BITO Shares in the ProShares Bitcoin Strategy ETF.

As a researcher studying financial transactions, I came across an interesting development regarding the investment firm’s activities in ARKW, their Next Generation Internet ETF. Specifically, they sold off 237,983 shares of BITO, worth approximately $6.7 million, at Thursday’s market closing price of $28.22 per share.

As an analyst, I would recast that statement as follows: Last year towards the end, my team and I at ARK made a strategic investment by purchasing approximately 4 million shares. This was part of a short-term strategy based on our expectation that U.S. regulators would grant approval for spot bitcoin Exchange-Traded Funds (ETFs). Once this approval materialized, we intended to swap out these holdings.

Following consistent sales in January, ARK has sold the rest of its BITO shares in the past week.

Currently, ARK 21Shares Bitcoin ETF (ARKB) is the largest investment for the fund, with a holding of 2,480,644 shares. The value of these shares amounts to $160.6 million at the closing price on Thursday, which was $64.76. This represents a 10.4% proportion of the overall fund’s worth.