Cathie Wood’s Ark Investment Management LLC is increasing its stake in the newly launched spot Bitcoin ETF as competition heats up among the first issuers. The ARK Next Generation Internet ETF (ARKW) sold off $16 million of its position in the ProShares Bitcoin ETF (BITO) to make room for a purchase of 365,427 shares of the ARK 21 Shares Bitcoin ETF (ARKB). This move now accounts for 1% of the ARKW fund, according to data from Bloomberg. A consistent bid from its sister fund could potentially give ARKB an advantage in the market. Cathie Wood remains bullish on spot Bitcoin ETFs.