“Popstar” investor buys R$485 million in Bitcoin futures ETF with Grayscale profits

ARK Invest, a company owned by “pop star” investor Cathie Wood, is selling its remaining stake in Grayscale Bitcoin Trust (GBTC) for about $200 million (R$973 million) and taking $100 million (R$485 million) of the proceeds. only) was used. Buy shares of the ProShares Bitcoin Strategy ETF (BITO), according to Bloomberg Intelligence.

ARK Invest bought BITO for $100 million, making it the second-largest holder of the Bitcoin futures ETF, Bloomberg Intelligence analyst Eric Balchunas tweeted.

The asset manager transferred 2.25 million shares of GBTC and purchased 4.32 million shares of ProShares Bitcoin Strategy ETF.

Balchunas suggested that ARK Invest’s conversion to BITO “is likely a net conversion tool to maintain beta as BTC moves to $ARKW or $ARKB.”

ARKW is ARK’s ticker for the “Next Generation Internet ETF,” and ARKB is the proposed ticker for the ARK 21Shares Bitcoin ETF, a spot Bitcoin ETF.

Just a month ago, ARKW’s GBTC position was its largest holding. However, the asset manager went on a sell-off, liquidating GBTC positions as Bitcoin hit a yearly high.

ARK Invest’s portfolio overhaul comes amid heated speculation surrounding the possible approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). The company is one of many hopefuls in the fight to launch ETFs in this manner.

So far, the SEC has rejected every Bitcoin ETF application that has passed through its office, but meetings between the regulator and applicants have become more frequent in recent months, after BlackRock, the world’s largest asset manager, entered the race in June. 2023.

The fire was fueled by a subsequent court ruling ordering the SEC to review Grayscale’s request to convert GBTC into a spot Bitcoin ETF. As January approaches, when the SEC can approve multiple applications simultaneously, hopefuls are rushing to dot their i’s.

Last week, Barry Silbert stepped down as president of Grayscale Investments, sparking speculation that the move may have been prompted to pave the way for the company’s ETF.

*Translated with permission from Decrypt.

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