After selling off Grayscale Holdings, Cathie Wood’s ARK now owns shares of the ProShares Bitcoin ETF.
Crypto

After selling off Grayscale Holdings, Cathie Wood’s ARK now owns shares of the ProShares Bitcoin ETF.

Following the sale of its remaining Grayscale Bitcoin Trust (GBTC) holdings, ARK Invest purchased 4.3 million shares of ProShares Bitcoin Strategy ETF (BITO) yesterday.

According to closing prices, the ProShares stake is worth $9.2 million. As per an emailed transaction notice, Cathie Wood’s investment vehicle also purchased 20,000 shares of the Ark 21Shares Active Bitcoin Future Strategy ETF and sold $27.6 million worth of Coinbase (COIN) stock.

ARK Next Generation Internet ETF (ARKW), the fund’s sixth-largest holding, is currently owned by 5.03% of the ProShares exchange-traded fund, which began trading as the first bitcoin-linked ETF in the United States in October 2021. Since the last recorded sale on December 20, the fund has no longer held any GBTC shares. Even after the sale of 148,885 shares on Wednesday, Coinbase is still the fund’s largest holding at slightly less than 12%.

The shift in holdings occurs ahead of the Securities and Exchange Commission’s anticipated decision next month regarding the acceptance or rejection of spot bitcoin ETF trading in the United States. ETF applications from Grayscale and Ark 21Shares have been submitted to the regulator, who has been holding meetings with the applicants.