Home » Ark Invest commits $92 million to an ETF based on bitcoin futures ProShares and sells more Coinbase shares.

Ark Invest commits $92 million to an ETF based on bitcoin futures ProShares and sells more Coinbase shares.

Ark Invest, led by Cathie Wood, maintained their December COIN selling binge on Wednesday, selling an additional 148,885 Coinbase shares.

by V. Sinclair
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According to the company’s most recent trade filing, Cathie Wood’s Ark Invest bought $92 million worth of ProShares Bitcoin Strategy ETF (BITO) and sold another 148,885 Coinbase shares on Wednesday, valued at roughly $27.58 million.

On Wednesday, the Coinbase shares were offloaded by the ARK Next Generation Internet ETF (ARKW). This came about following the company’s previous month-long sale of more than $200 million worth of Coinbase shares.

At $185.24, Coinbase’s stock concluded the day 7.67% higher.

This month, the company has been selling a lot of Coinbase shares as it proceeded to adjust its fund weightings in light of the rising stock price. Shares of Coinbase increased 54.6% in the last month. Coinbase is estimated to be worth $32 billion.

For its Next Generation Internet ETF, Ark has sold 231,102 shares of Jack Dorsey’s Block Inc. for a total value of $18.4 million. Block shares saw a day-long gain of 1.82% to close at $79.6. Within the last month, the stock has increased by 32%.

Additionally, the business bought 4,320,928 units of the ProShares Bitcoin Strategy ETF (BITO), an ETF tied to US bitcoin futures.

In an instant, ARK has risen to the position of second-largest Bito stakeholder, but once more, this is only a transitory position. For changes like this, they (and institutions in general) use extremely liquid ETFs, according to a post on X by senior ETF analyst Eric Balchunas of Bloomberg.

The U.S. Securities and Exchange Commission may approve Ark Invest’s application for the first-ever spot bitcoin ETF, along with that of a number of other asset managers like Blackrock, Fidelity, and Valkyrie.

Additionally, Ark sold its remaining GBTC positions, according to Balchunas. In answer to an inquiry about GBTC holdings from an X user, Balchunas stated, “All I know is it is not in the holdings file they sent us, see below, 0% weight now.” “However, it makes sense, as that’s probably where the 5% for BITO originated,” he continued.

As of Wednesday, GBTC accounted for 4.28% of the ETF’s weight, according to Ark’s website.

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