From Investing.com:

Investment firm ARK Invest, led by Cathie Wood, has reshuffled its cryptocurrency strategy. The firm sold shares in ProShares Strategy ETF and redirected the funds into its own ARK 21Shares Bitcoin ETF, aligning with its focus on Bitcoin and financial innovation. The move reflects ARK Invest’s commitment to adapt to the evolving cryptocurrency landscape.

ARKW sold 758,915 shares of BITO for $15 million, using the funds to purchase shares in ARKB. This strategic shift away from investments like BITO and Grayscale Bitcoin Trust to ARKB signifies the firm’s dedication to staying nimble in the ever-changing cryptocurrency market.

Despite the changes, ARKW’s portfolio still includes a significant holding in Coinbase, representing 8.6% of its NAV. This sustained investment underscores ARK’s confidence in cryptocurrency exchanges and their role in the digital asset ecosystem.



Read more: ARK Invest shifts focus within crypto holdings, sells ProShares Bitcoin ETF By Investing.com