Ark Invest, founded by money manager Cathy Wood, added more units to its bitcoin exchange-traded fund ( CRYPTO:BTC ) on Friday, adding to its weekly haul of $44 million.
What happened? Ark bought 316,526 units of ARK 21Shares Bitcoin ETF (CBOE: ARKB ) on Friday at a price of $13.21 million, based on the ETF's closing price of $41.73. Meanwhile, Ark sold 510,337 shares worth $10.25 million in ProShares Bitcoin Strategy ETF (NYSE:BITO).
BITO aims to generate returns equivalent to the performance of Bitcoin by investing in Bitcoin futures. ARKB, on the other hand, is among the 11 Bitcoin ETFs recently approved by the SEC. Unlike BITO, ARKB invests directly in Bitcoin.
In a pair of trades, the Wood-led firm bought AKRB and sold BITO in three of four sessions during the holiday-shortened week.
The total number of ARKB units bought by Ark this week was 1,047,648, worth $44.09 billion, while BITO units traded were 2,026,916, worth $41.06 million.
See also: What is Spot Bitcoin ETF?
Pair trading is a market-neutral strategy in which a trader bets that the values of two or more securities will move or converge. Technically, this is selling one security and buying another security, so the bet is hedged against losses on either security.
ARKB held $309.66 million in Bitcoin as of Friday, representing 100% of the major cryptocurrency.
Wood is bullish on Bitcoin and expects the cryptocurrency to reach $1.5 million by 2030.
Take advantage of AMD Strength. Ark, through the Internet ETF Ark Next Generation (NYSE: ARKW ), sold 45,052 shares of Advanced Micro Devices, Inc. stock. Friday.
AMD closed Friday's session at $174.23, up 7.11%, according to data from Benzinga Pro. Shares rose nearly 19% in a week as analysts believed the company was better positioned to take advantage of the second wave of artificial intelligence.
Three analysts raised their AMD price targets this week and maintained their bullish recommendations.
Read more. Elon Musk was "shocked" after Ark Invest CEO Kathy Wood said Bitcoin was "backed by the largest computer network".
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