The market has recently placed high hopes on the Bitcoin spot ETF and is looking forward to its further promotion of the price of Bitcoin. Against this background, related concept stocks such as MicroStrategy (MSTR) and the largest cryptocurrency exchange in the United States, Coinbase (COIN), performed well. MicroStrategy’s stock price rose 66.9%, and Coinbase’s stock price rose 94.31%. This situation has attracted the attention of Ark Invest, which is led by female stock god Cathie Wood. It has recently frequently adjusted its investment portfolio to adapt to market changes.
According to the latest data from ArkInvest Daily, Ark Investment sold a total of 166,183 Coinbase shares on January 3, with a total value of approximately $25.3 million based on the closing price on that day. Specifically, the Innovation ETF (ARKK) reduced its holdings by 145,048 shares, while the Next Generation Network ETF (ARKW) reduced its holdings by 21,135 shares.
In addition, according to data from the Ark.alien website, Ark Investment was also actively selling COIN stocks in December. In addition to ARKK and ARKW, its funds also include the Financial Technology Innovation ETF (ARKF). In the past five days (12/27 to 1/3), these funds sold a total of 425,361 COIN shares and only increased their holdings by 29,181 shares, a net Reduce holdings by 396,180 shares. Based on the average stock price of approximately US$160 during these five days, the total value of the reduction reached approximately US$63.388 million.
However, although Ark Investment has recently reduced its holdings in COIN, according to official fund holdings data, COIN It still has the highest weighting among the three funds ARKK, ARKF and ARKW, at 10.37%, 13.44% and 10.63% respectively. This shows that despite some adjustments, Coinbase is still a promising investment by Ark Investment.
Ark Investment recently partnered with 21Shares to apply for a Bitcoin spot ETF (ARKB). In addition, on the 28th of last week, Ark Investment decided to sell all its remaining GBTC holdings in the ARKW fund, amounting to approximately 2.25 million shares, and use the funds to purchase Bitcoin Futures ETF (BITO). This makes Ark Investment the second largest holder of BITO.
Bloomberg ETF analyst Eric Balchunas has said that the purchase of BITO may be to help ARK achieve liquidity conversion between its different funds (ARKW and ARKB) while maintaining sensitivity to Bitcoin price changes . This means that BITO can serve as a tool that allows ARK to smoothly adjust its portfolio while maintaining exposure to Bitcoin.
This means that Ark Investment’s move may be in preparation for the launch of their own Bitcoin spot ETF (ARKB).
In addition, Phyrex analysis pointed out that Ark Investment’s large purchases of BITO (the first long futures in the United States) means that they expect BTC to rise sharply, which reflects their optimism about the approval of the Bitcoin spot ETF. In addition, the reason for choosing to sell GBTC is that compared to holding futures, GBTC’s upside potential after the adoption of spot ETFs has been significantly reduced. After all, according to Coinglass data, GBTC’s negative premium rate has shrunk to less than 9%.
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