Ark Invest’s aggressive accumulation of its Bitcoin ETF propels it into top 5 of ARKW portfolio Ark Invest’s aggressive accumulation of its Bitcoin ETF propels it into top 5 of ARKW portfolio
ARK has continued with its fund rotation, liquidating a significant chunk of its BITO holdings during the past day.
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Updated: Jan. 25, 2024 at 3:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ark Invest’s continued accumulation of the Ark 21Shares Spot Bitcoin ETF (ARKB) has elevated the asset to a top-five position within the firm’s Ark Next Generation Internet ETF (ARKW) portfolio.
The firm’s latest trading file seen by CryptoSlate showed that it acquired 267,804 shares of ARKB, worth $12.3 million, based on the Jan. 24 closing price of $46.27.
Conversely, it liquidated 282,975 ProShares Bitcoin Strategy (BITO) shares, valued at an estimated $5.4 million based on the closing price of $19.11.
This trading activity follows Ark Invest’s recent trend of divesting from BITO and actively accumulating its BTC-based spot ETF. Recent reports by CryptoSlate revealed how the investment firm has made significant purchases of its ARKB shares since the fund went live this month.
As a result of these strategic moves, ARKB has now secured the fifth position among the assets in ARKW’s portfolio.
The ARKW fund currently holds 2.1 million ARKB shares, valued at over $87 million, comprising 5.64% of the total portfolio. Notably, ARKB surpasses holdings in well-known entities such as Tesla, Robinhood, and DraftKings, though it trails behind crypto-focused firms Block and Coinbase within the ARKW portfolio.
In contrast, Ark Invest’s holding in BITO has decreased to 566,285 shares, valued at $10.8 million. BITO is the first BTC futures ETF in the US, launched in October 2021.
Meanwhile, the Cathie Wood-led firm’s strategic reallocation of funds aligns with market expectations, as observers anticipated the firm would shift away from BITO and redirect the capital into ARKB to enhance the fund’s asset base.
These maneuvers have propelled the Ark 21Shares Bitcoin ETF to third place among the “Newborn nine” spot Bitcoin ETFs, trailing BlackRock’s IBIT and Fidelity’s FBTC. According to Bloomberg Intelligence data, the fund’s assets under management now exceed $500 million.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
Tesla
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).
Cathie registered ARK Investment Management LLC (“ARK”) as an investment adviser with the U.S.