NewsletterCathie 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
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