Claim BonusCathie Wood: Investment Community “Underestimating Bitcoin”; Ark Buys ARKB Units
Cathie Wood’s asset management firm Ark Invest further offloaded holdings in ProShares Bitcoin Strategy ETF (BITO) to buy units in its newly launched Ark 21Shares spot Bitcoin ETF (ARKB). The move has offered Ark Invest an advantage over competitors due to its active portfolio management strategy and availability to investors globally.
Cathie Wood’s Ark Invest Buys ARKB Spot Bitcoin ETF Shares
On January 23, Cathie Wood’s Ark Invest sold 585,915 shares of ProShares Bitcoin Strategy ETF (BITO) valued at approximately $12 million to purchase 360,830 Ark 21Shares Bitcoin ETF (ARKB) units worth $14.5 million.
Cathie Wood purged ProShares Bitcoin Strategy ETF again from ARK Next Generation Internet ETF (ARKW) as part of the strategy to increase holdings in Ark 21Shares spot Bitcoin ETF.
On January 22, ARKW also sold 648,091 BITO units to buy 523,541 ARKB units. It seems Ark Invest will continue to buy its ARKB spot Bitcoin ETF units until the target buying value is reached.
CoinGape earlier reported that ARKW purchased 1.04 billion ARKB units worth $43 million last week after ARKB spot Bitcoin ETF started trading on Wall Street.
ProShares Bitcoin Strategy ETF (BITO) price closed 2.42% lower at $18.92 on Tuesday. Whereas, Ark 21Shares Bitcoin ETF (ARKB) price closed 1.90% lower at $41.73. As per Ark Invest data until Jan 24, ARKB has Bitcoin worth $480.86 million.
Also Read: CryptoQuant CEO Unveils Potential Reasons Behind Bitcoin Price Dip
Reacting to Ark Investment director of digital assets Yassine Elmandjra’s data on Bitcoin mining, Cathie Wood said “Many in the investment community are underestimating Bitcoin.”
Bitcoin mining generates more annual revenue than some largest publicly traded companies. It includes Spotify, eBay, Hermes, Chipotle, Hertz, and Hilton.
Bitcoin miners’ total revenue has reached almost $60 billion from $10 billion in 2019. With TradFi’s entry into Bitcoin market, upcoming halving event and easing macro conditions, it will be interesting to witness the changes at the end of 2024.
Also Read: US SEC May Win Against Ripple In XRP Sales Discovery Requests
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Dogecoin ETF by 21Shares Gains Approval to Launch This Week
- Coinbase Pushes Back as CLARITY Act Faces DeFi and Stablecoin Reward Ban Debate
- Tether At Center Stage in US Venezuela Conflict As 80% Oil Revenue Stays in Stablecoin
- Crypto Gains 500M-User Gateway as X Teases Roll Out of Smart Cashtags for Real-Time Price Tracking
- Michael Saylor Posts “Big Orange” — Is Another Massive BTC Purchase Coming Tomorrow?
- Binance Coin Price Target $1,000 as CZ Signals Incoming Crypto Super Cycle
- Bitcoin and XRP Price Prediction Ahead of Supreme Court Tariffs Ruling on Jan 14, 2026
- Crypto Price Prediction Ahead of US CPI Inflation Data- ETH, ADA, Pi Coin
- XRP Price Outlook Ahead of Jan 15 CLARITY Act Vote
- Bitcoin Price Prediction: Digital Gold in Focus Amid US Strategic Crypto Reserve Talks
- Pi Network Price Prediction Ahead of 2026 First Upgrade
