Cathie Wood’s ETF Bitcoin Moves: Shifting Strategies in a Booming Market

Cathie Wood’s ARK Next Generation Internet ETF made significant changes to its Bitcoin-related investments, marking a big move amidst the cryptocurrency’s exceptional year. The ETF sold off all its remaining Grayscale Bitcoin Trust shares, totaling 2.25 million, while simultaneously acquiring 4.32 million shares of ProShares Bitcoin Strategy ETF, becoming the fund’s second-largest holder.

Despite Bitcoin hitting its highest point since April 2022 and doubling in 2023, Wood steadily reduced her Grayscale Bitcoin Trust holdings, once a top asset in the ARK ETF. The cryptocurrency surged, especially towards the year-end, amid expectations of the US Securities and Exchange Commission greenlighting spot Bitcoin ETFs in the coming month.

Interestingly, Wood previously endorsed the Grayscale Bitcoin Trust as her top pick during the Sohn Australia conference last month.

Alongside these changes, the ARK ETF also purchased 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF and divested 148,885 shares of crypto exchange Coinbase Global Inc., as per the fund’s recent report.

While the ARK Next Generation Internet ETF has soared by 103% this year, outperforming the Nasdaq 100 Index’s 55% increase, its journey has been turbulent, experiencing drops of 19% and 67% in 2021 and 2022, respectively.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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