Business News Report
December 29, 2023

ARK Invest Buys 4.3 Million Shares of ProShares Bitcoin Strategy ETF

In Brief

ARK Invest acquired 4.3 million shares of BITO in anticipation of the potential approval of a spot Bitcoin ETF in January 2024.

ARK Invest Acquires 4.3 Million Shares of ProShares Bitcoin Strategy ETF

Investment management firm ARK Invest acquired 4.3 million shares of the ProShares Bitcoin Strategy exchange-traded fund (BITO), which tracks the price of futures linked to the world’s largest cryptocurrency.

The ProShares ETF, initiated in October 2021 as the first United States Bitcoin exchange-traded fund (ETF), now represents 5.03% of the ARK Next Generation Internet ETF (ARKW), ranking as its sixth-largest holding. The approximate value of ARK Invest’s stake in BITO is $92 million.

To fund this acquisition, ARK Invest sold shares of Coinbase Global valued at around $27.6 million. This move followed the sale of over $200 million in Coinbase shares by the company over the past month. Coinbase shares have surged more than 400% this year.

These portfolio adjustments come ahead of the anticipated decision by the United States Securities and Exchange Commission (SEC) next month regarding the potential approval of spot Bitcoin ETFs for trading in the United States.

Asset Management Firms Await SEC Approval 

Approximately thirteen asset management companies are presently awaiting regulatory approvals from SEC to introduce a series of derivative-based products, including ETFs tracking the spot price of Bitcoin.

ARK Invest in collaboration with 21Shares, recently refiled documentation to the SEC — seeking approval for a spot Bitcoin ETF named ARK 21Shares Bitcoin ETF. This move followed the regulator’s statement that the initial prospectus did not fulfill the requirements to prevent fraud and market manipulation.

Earlier this week, software firm MicroStrategy also revealed its purchase of Bitcoin valued at approximately $615.7 million in cash ahead of the upcoming SEC decision. 

ARK Invest’s latest acquisition highlights the company’s strategic moves within the evolving cryptocurrency landscape, aligning with the broader anticipation of SEC Bitcoin ETF approval.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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