ProShares Bitcoin Strategy ETF (BITO) is being replaced by ARK Invest’s newly listed spot bitcoin ETF.
A trading notice issued on January 18 states that the ARK Next Generation Internet ETF (ARKW) purchased 365,695 shares of its own bitcoin ETF, ARKB, for $15 million and sold 758,915 shares of BITO, valued at about $15 million. On Wednesday, the fund exchanged comparable sums of BITO for ARKB in a similar manoeuvre.
As previously reported, ARK liquidated its GBTC holdings and bought shares of BITO in anticipation of the U.S. government’s approval of spot bitcoin exchange-traded funds (ETFs). The move was anticipated, as ARK intended to exchange BITO for a spot bitcoin ETF once it was approved.