ARK Invest has been building its own spot bitcoin exchange-traded fund over the past week while continuing to sell shares of the ProShares Bitcoin Trust ETF (BITO).
Since January 19, 2,226,191 shares of the bitcoin futures ETF have been sold by Cathie Wood’s investment firm from its Next Generation Internet ETF (ARKW), for a total estimated value of $42.8 million as of Thursday’s closing price of $19.22.
In the meanwhile, it has invested roughly $62.3 million in 1,563,619 shares of the ARK 21 Shares Bitcoin ETF (ARKB). Thursday’s closing price for ARKB was $39.87, a meagre 0.68% increase for the day.
After selling its shares of the Grayscale Bitcoin Trust (GBTC) late last year, ARK held BITO as a short-term play while it awaited the permission of spot bitcoin ETFs in the United States. Once that approval was received, ARK intended to replace BITO with a spot bitcoin ETF.
ARKW currently owns $91.4 million of ARKB, or 5.98% of the fund’s total value. There are now just 366,128 BITO shares, valued at $7 million, representing a 0.46% weighting.