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Home»BLOCKCHAIN NEWS»ARK Investment converted $16 million from ProShares into a Bitcoin ETF.
BLOCKCHAIN NEWS

ARK Investment converted $16 million from ProShares into a Bitcoin ETF.

By Crypto FlexsJanuary 17, 20241 Min Read
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ARK Investment converted  million from ProShares into a Bitcoin ETF.
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ARK Investment Management, led by Cathie Wood, sold from the ProShares Bitcoin ETF and reallocated about $16 million into its own Bitcoin ETF.

These moves included the sale of shares of ProShares Bitcoin ETF (BITO), the pioneer ETF in the U.S. Bitcoin futures market, and the acquisition of 365,427 shares of ARK 21 Shares Bitcoin ETF (ARKB).

This adjustment brings ARKB to 1% of the ARK Next Generation Internet ETF (ARKW). ARKB’s stock price fell to $43.51 on Tuesday, a significant decline from its initial listing price of $49 on January 11.

Previously, ARK Investment Management switched investments from Grayscale Bitcoin Trust (GBTC) to BITO in December in anticipation of the US directly approving a Bitcoin ETF.

Cathie Wood expressed confidence in investing in already approved funds compared to funds pending approval. This latest portfolio overhaul is consistent with ARK’s ongoing strategy to optimize its position in the evolving cryptocurrency investment landscape.

ARK’s 21Shares Bitcoin ETF currently offers one of the lowest fees at 0.21%. Leading cryptocurrency exchange Coinbase serves as custodian for the ARK ETF.

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