TL;DR
- ARK Invest’s Exit from BITO: ARK Invest, led by Cathie Wood, sold its remaining shares of the ProShares Bitcoin Strategy ETF (BITO), marking the end of its short-term investment in the fund. The company sold 237,983 BITO shares, obtaining $6.7 million.
- ARK Invest’s Investment in ARKB and TSLA: ARK Invest holds 2,480,644 shares of the ARK 21Shares Bitcoin ETF (ARKB), which is now the largest holding of the fund. Additionally, ARK bought 122,752 Tesla shares valued at around $18.05 million, showing its solid belief in Tesla’s future growth.
- ARK Invest’s Confidence in Bitcoin: Despite Tesla’s financial difficulties, ARK Invest continues to show confidence in Tesla and Bitcoin (BTC). It made a series of transactions, including adding 139,152 units of its Bitcoin spot ETF, the ARK 21Shares Bitcoin ETF, worth $8.96 million.
ARK Invest, led by Cathie Wood, has sold its remaining shares of the ProShares Bitcoin Strategy ETF (BITO), marking the end of its short-term investment in the fund. The company sold 237,983 BITO shares, obtaining $6.7 million at Thursday’s closing price of $28.22 each, through its Next Generation Internet ETF (ARKW).
ARK Invest had purchased over 4 million BITO shares at the end of last year, anticipating the approval of spot Bitcoin ETFs in the United States. The plan was to trade them once authorization was received. Following a string of steady sales in January, ARK divested its final BITO shares just last week.
In the meantime, the case of the 2,480,644 shares of the ARK 21Shares Bitcoin ETF (ARKB) cost $160.6 million calculated at a closing price of $64.761, which is now the largest holding of the fund, which is equal to 10.4% in value. On the other hand, ARK Invest bought a lot of Tesla (TSLA) shares when the market was down.
ARK Invest’s Significant Purchase of Tesla (TSLA) Shares
ARK bought 122,752 Tesla shares that were valued at around $18.05 million on Monday. It divided its purchase among three key funds: ARKK, ARKQ, and ARKW. This move shows ARK Invest’s solid belief in the possibility of Tesla growing in the future hence; acquiring the shares is considered an essential part of its overall investment plan.
Despite Tesla’s financial difficulties, including a 9% drop in sales in the first quarter of 2024, the highest since 2012, and a decrease in net profit by 55%, from 2.51 billion dollars in 2023 to 1.13 billion dollars in 2024, Ark Invest continues to show confidence in Tesla.
ARK Invest has made a series of transactions to show confidence in the future of Bitcoin (BTC) ahead of the halving event. Among the most significant moves, ARK added 139,152 units of its Bitcoin spot ETF, the ARK 21Shares Bitcoin ETF, worth $8.96 million.
