Cathie Wood's ARK Invests in ProShares Bitcoin ETF After Dumping Grayscale Holdings

The investment fund bought $9.2 million worth of BITO shares and also sold $27.6 million worth of Coinbase stock.

AccessTimeIconDec 28, 2023 at 10:17 a.m. UTC
Updated Mar 8, 2024 at 7:11 p.m. UTC

ARK Invest bought 4.3 million shares of ProShares Bitcoin Strategy ETF (BITO) yesterday after dumping its remaining holdings of the Grayscale Bitcoin Trust (GBTC).

The ProShares stake is valued at $9.2 million based on closing prices. Cathie Wood's investment vehicle also sold $27.6 million worth of Coinbase (COIN) stock and bought 20,000 shares of the Ark 21Shares Active Bitcoin Future Strategy ETF, according to an emailed transaction notice.

  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • Could the Upcoming Bitcoin Conference Move Markets?
    00:34
    Could the Upcoming Bitcoin Conference Move Markets?
  • How Grayscale's 2.5% Fees Could Impact Investor Interest
    11:27
    How Grayscale's 2.5% Fees Could Impact Investor Interest
  • WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
    02:02
    WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
  • The ProShares exchange-traded fund, which started trading in October 2021 as the first U.S. bitcoin-linked ETF, now accounts for 5.03% of the ARK Next Generation Internet ETF (ARKW), its sixth-largest holding. The fund no longer holds any GBTC shares, with the last reported sale on Dec. 20. At just under 12%, Coinbase remains the fund's largest holding even after Wednesday's sale of 148,885 shares.

    The change in holdings comes ahead of next month's expected decision by the Securities and Exchange Commission on whether to allow spot bitcoin ETFs to trade in the U.S. Both Grayscale and Ark 21Shares have ETF applications filed with the regulator, which has been meeting with applicants.

    Edited by Sandali Handagama.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sheldon Reback

    Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.