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International Business Times
International Business Times
Business
Nica Osorio

ARK Invest's Strategic Gambit: Betting Big on Spot Bitcoin ETF's Potential

Ark Invest Bitcoin ARK ETF BITO Cathie Wood Eric Balchunas Coinbase Tesla Inc.
2% Long-Term Interest Rates? | ITK with Cathie Wood (Credit: YouTube Screenshot/ Ark Invest Official YouTube Chanel)

KEY POINTS

  • ARK Invest sold a total of 757,664 BITO share with an approximate market value of $15.8 million
  • The firm then purchased 365,427 shares of the Ark 21Shares Bitcoin ETF (ARKB) worth around $15.8 million
  • Aside from BITO, ARK Invest has been offloading massive Coinbase (COIN) shares to purchase other stocks

ARK Invest, the asset management firm founded and headed by American seasoned investor Cathie Wood, made a strategic move this week, underlining its confidence in its newly approved product– ARK 21 Bitcoin ETF (ARKB).

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