Cathie Wood’s ARK Invest has sold off its remaining Grayscale Bitcoin Trust (GBTC) shares, around $200 million and used $100 million of the proceeds to buy shares in the ProShares Bitcoin Strategy ETF (BITO), according to Bloomberg Intelligence.

With its $100 million BITO purchase, ARK Invest has become the second-largest holder of the Bitcoin futures ETF, Bloomberg Intelligence analyst Eric Balchunas tweeted. The asset manager offloaded 2.25 million GBTC shares and purchased 4.32 million shares of the ProShares Bitcoin Strategy ETF.

Balchunas suggested that ARK Invest’s move into BITO was “likely as liq transition tool to keep beta to btc while it legs into $ARKW or $ARKB.” ARKW is the ticker for ARK’s Next Generation Internet ETF, while ARKB is the proposed ticker for its spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF.

Just a month ago, ARKW’s GBTC position was its largest hol

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Author: Stephen Graves

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