Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
After her optimistic opinion on Bitcoin (CRYPTO: BTC) prices, Cathie Wood announced that ARK 21 Shares Bitcoin ETF (BATS: ARKB) represents 1% of the ARK Next Generation Internet ETF (ARCA:ARKW) fund.
What Happened: While competition heats up in the spot Bitcoin ETF space, Wood’s Ark Investment Management is accumulating its just-approved and launched Spot Bitcoin ETF. The fund purchased 365,427 shares of ARKB representing 1% of the ARKW fund, as reported by Bloomberg.
The step comes amid the ARK Next Generation Internet ETF offloading $16 million worth of its position in the futures-backed ProShares Bitcoin ETF (ARCA:BITO) on Tuesday.
A quick look at Ark Invest's trade activity from Jan.16 is here.
Bloomberg Intelligence ETF analyst James Seyffart said, “Cathie Wood buying ARKB with her other ETFs is a little bit of a cheat code in raising assets and volume, but she’s not the only issuer that can do this and this isn’t the only cheat code available.”
Why It Matters: Last week, Wood revealed that her personal portfolio has a significant portion invested in Bitcoin. Excluding Ark and real estate, BTC accounts for at least 25% of her net worth.
Bloomberg Senior ETF Analyst Eric Balchunas stated that the total volume for spot Bitcoin ETFs in three days stands at $9.68 billion, compared to $450 million of volume reported by the 500 ETFs launched in 2023.
With regards to the total fund inflows for two days, iShares Bitcoin Trust (NASDAQ: IBIT) reported the highest with $497.7 million while ARKB stands in the fourth position with $105.16 million. The Grayscale Bitcoin Trust (ARCA:GBTC) has witnessed an outflow of $579.14 million.
Wood has previously taken similar steps of owning her own product, as seen when Ark Funds' 3D Printing ETF (NASDAQ: PRNT) was included in the Ark Space Exploration and Innovation ETF.
Read Next: Cathie Wood Piles Into Tesla Stock For Second Straight Day After 2024's 12% Slide; Week's Purchases Total $50M
Photo: Ark Invest and Shutterstock
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