Cathie Wood’s Ark Invest made a significant move in the cryptocurrency space by purchasing over $92 million worth of ProShares Bitcoin Strategy ETF (NYSE:BITO). This trade aligns with Ark Invest’s strategic adjustments in response to evolving market conditions.
Ark purchased 4,320,928 units of BITO through ARK Next Generation Internet ETF (NYSE:ARKW) on Wednesday, with BITO closing 3.2% higher at $21.31 for the day. The transaction was valued at $92.08 million.
This investment in the ProShares Bitcoin Strategy ETF reflects Ark Invest’s confidence in the cryptocurrency sector and follows Cathie Wood’s recent comments on the potential impact of Bitcoin ETF approvals on the market. Despite divesting from other crypto-related assets like the Grayscale Bitcoin Trust (OTC:GBTC), Ark Invest remains optimistic about the future of cryptocurrency.
In a contrasting move, Ark Invest also sold a significant portion of its holdings in Coinbase Global Inc (NASDAQ:COIN), with the sale of 148,885 shares through ARKW valued at $27.58 million. This decision comes amid increased volatility in the cryptocurrency market, with Bitcoin and Ethereum rising significantly so far this year.
Another notable trade by Ark Invest was the sale of 101,921 shares of Palantir Technologies Inc (NYSE:PLTR) through ARKW, valued at $1.8 million. Additionally, Ark adjusted its position in Block Inc (NYSE:SQ) by selling 231,102 shares valued at $18.4 million.
Other key trades included selling shares of Stratasys Ltd (NASDAQ:SSYS), Advanced Micro Devices (NASDAQ:AMD), Twilio Inc (NYSE:TWLO), and Veracyte Inc (NASDAQ:VCYT) through various ETFs, indicating shifts in Ark Invest’s investments in the 3D printing, semiconductor, cloud communications, and biotechnology sectors.
The GPT-4-based Benzinga Neuro content generation system was used to create this article, utilizing the Benzinga Ecosystem to deliver comprehensive and timely stories.