The Latest Breaking News from ARK

Tesla isn't the only stock clobbering Cathie Wood's ARK Innovation ETF this year. Another big loser is pushing the ETF near the bottom.

ARK Invest executed a strategic reallocation of its assets on Tuesday, divesting some of its holdings in ProShares Bitcoin Strategy ETF (BITO).

The fee war in the Bitcoin ETF is expected since the SEC is anticipated to approve multiple applications simultaneously and issuer will offer the best fee to get the market share.

ARK 21 and VanEck's spot Bitcoin ETFs lead with a 0.25% fee, followed by Fidelity at 0.39%, Wisdom Tree at 0.50%, Invesco at 0.59%, Valkyrie at 0.80% and Hashdex at 0.90%.

Aside from industry experts sharing their forecasts on the possibility of the SEC approving or rejecting spot Bitcoin ETF proposals, the crypto community is also betting on it.

ARK Invest purchased over 105,000 shares of Tesla while simultaneously selling off COIN shares worth over $25 million Wednesday.

Shares of the company more than doubled in 2023.

Dimon made headlines last month when he vocally criticized Bitcoin, the world's largest crypto asset by market capitalization, saying he would "close down" BTC if he was the one running the U.S. government as the crypto asset, along with other cryptocurrencies, is used by criminals.

Last week, it was reported that the SEC met with hopeful spot Bitcoin ETF issuers to iron out details of their filings and inform them of a deadline for submitting amended proposals on Dec. 29.