Cathie Wood’s Ark Invest Liquidates $15.8M Worth Of ProShares Bitcoin Strategy ETF Units

On Tuesday, Cathie Wood-led Ark Invest made a significant move by selling $15.84 million worth of ProShares Bitcoin Strategy ETF BITO units. This trade comes amidst a dynamic period in the cryptocurrency market, reflecting Ark Invest’s strategic adjustments in response to evolving market conditions.

The ProShares Bitcoin Strategy ETF Trade

Ark sold 757,664 units of the ProShares Bitcoin Strategy ETF through ARK Next Generation Internet ETF ARKW. For the day, BITO closed at $20.91 — declining 0.7%.

Ark Invest’s decision to sell a substantial portion of its holdings in the ProShares Bitcoin Strategy ETF aligns with recent strategic shifts in the cryptocurrency space. It should be noted that Ark Invest’s bet on BITO for explosive growth came as a part of an earlier shift in investment strategy when it sold its entire remaining position in Grayscale Bitcoin Trust GBTC.

See Also: Cathie Wood Reveals How Much Bitcoin She Owns Personally For First Time

That investment was made ahead of the spot Bitcoin ETF approval, which Wood called a “price-moving event.”

Wood’s projection of Bitcoin BTC/USD potentially reaching $1.5 million by 2030 further underscores the strategic nature of this trade. Ark is targeting $4 billion in its own Ark21Shares Bitcoin ETF ARKB, according to a prior report.

Other Key Trades:

• AMGEN INC AMGN: Purchased 31,370 shares through ARK Genomic Revolution ETF ARKG.
• PACIFIC BIOSCIENCES OF CALIF PACB: Acquired 273,462 shares in ARKK and 66,118 shares in ARKG.
• CRISPR THERAPEUTICS AG CRSP: Bought 35,486 shares in ARK Innovation ETF ARKK and 8,381 shares in ARKG.
• QUALCOMM INC QCOM: Added 28,599 shares through ARK Next Generation Internet ETF ARKW.
• PFIZER INC PFE: Sold 337,517 shares via ARKG.

Read Next: Cathie Wood’s Ark Invest Teases “Aren’t You A Little Bit Curious About Bitcoin?” Dangles Fee Waiver

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