Ark Invest , led by Cathie Wood , made a sensational deal on Monday, selling a large number of shares of ProShares Bitcoin Strategy ETF (NYSE:BITO) while increasing its holdings in ARK 21Shares Bitcoin ETF (NYSE:ARKB). ). This strategic shift in Ark Invest's cryptocurrency portfolio is in line with recent market trends.
BITO Trading
Ark Invest sold 648,091 units of BITO worth $12.6 million on Monday, in line with Wood's recent strategy to focus more attention on its Bitcoin ETF, ARKB. BITO shares were sold by the ARK Next Generation Internet ETF (NYSE:ARKW) and ARKB shares were purchased by the same fund.
The decision comes amid a dynamic cryptocurrency market, as detailed in a recent Benzinga report.
The deal reflects Ark's confidence in their product as they simultaneously purchased 523,541 units of ARKB for $21.04 million, showing strong confidence in the potential of their Bitcoin ETF.
It is worth noting that Bitcoin (CRYPTO: BTC) briefly fell below the psychologically important $40,000 level on Monday. At the time of writing, the leading cryptocurrency was trading 2.7% lower at $40,021.77. The major cryptocurrency's decline comes against a backdrop of significant outflows from the Grayscale GBTC ETF, as investors cash out or switch to cheaper alternatives.
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- Ark Invest also increased its stake in Meta Platforms Inc (NASDAQ: META) by purchasing 20,720 shares worth $7.9 million through ARKW. This decision was likely due to Meta's recent announcement regarding a major AI initiative, as noted by Benzinga.
- Ark, on the other hand, reduced its holdings in Microsoft Corp (NASDAQ:MSFT) by selling 4,093 shares worth $1.62 million through ARKW. The move could be influenced by the evolving AI landscape, where Microsoft's CEO shared key insights at Davos, Benzinga reports.
See also: Cathie Wood predicts deflation in 2024, rising optimism on AI and technology, and falling interest rates
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Read more: Cathie Wood and Elon Musk talk artificial intelligence, space and more this week at X Spaces
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