On Wednesday, Cathie Wood-led Ark Invest made a significant move in the cryptocurrency space, purchasing over $92 million worth of ProShares Bitcoin Strategy ETF (NYSE:BITO). This trade comes amidst a dynamic period in the crypto market, aligning with Ark Invest’s strategic adjustments in response to evolving market conditions.
The ProShares Bitcoin Strategy ETF Trade
Ark purchased 4,320,928 units of BITO through ARK Next Generation Internet ETF (NYSE:ARKW) on Wednesday. For the day, BITCO closed 3.2% higher at $21.31. The transaction was valued at $92.08 million.
Ark Invest’s acquisition of the ProShares Bitcoin Strategy ETF represents a substantial investment in the cryptocurrency sector. This move follows Wood’s recent comments on the potential impact of Bitcoin ETF approvals on the market. The investment aligns with her belief in the long-term value of Bitcoin (CRYPTO: BTC) and its related financial products.
Ark’s decision to invest heavily in BITO, highlights the firm’s confidence in the future of cryptocurrency, despite the recent divestment from other crypto-related assets like the Grayscale Bitcoin Trust (OTC:GBTC).
See Also: Cathie Wood Outlines Role Of Bitcoin Post-ETF Approval, Praises 21Shares: ‘The Plumbing Works’
The Coinbase Global Inc. TradeIn a contrasting move, Ark Invest also sold a significant portion of its holdings in Coinbase Global Inc (NASDAQ:COIN). This decision, involving the sale of 148,885 shares through ARKW, comes amid a period of heightened volatility in the cryptocurrency market. The transaction was valued at $27.58 million. Coinbase shares closed 7.67% higher at $185.24 on Wednesday.
Ark has dumped Coin shares in recent days amid increased volatility in the cryptocurrency arena. Two of the largest cryptocurrencies, Bitcoin and Ethereum (CRYPTO: ETH), have risen 162.4% and 101.8% respectively so far this year.
The Palantir Technologies Inc. TradeAnother notable trade by Ark Invest was the sale of 101,921 shares of Palantir Technologies Inc (NYSE:PLTR) through ARKW. The transaction held a value of $1.8 million, calculated at the Wednesday closing price of $17.47 for the company co-founded by Peter Thiel. Previously, Ark doubled down on Palantir amid market corrections. Even so, Palantir shares have gained 172.12% since 2023 began.
The Block…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
