Ark Invest recently sold 118,209 shares of its ARKB spot Bitcoin ETF, totaling $7.76 million, from its Next Generation Internet ETF (ARKW).
This marks the first sale of ARKB shares since the ETF’s inception in January.
The investment firm, led by Cathie Wood, follows a strategy to ensure no single holding exceeds 10% of an ETF’s portfolio to maintain diversification.
Consequently, ARKB’s significant weighting in the ARKW ETF, at 10.98% as of July 24, suggests potential rebalancing.
As of the latest update, ARKB is the largest holding in ARKW, ahead of Tesla, Roku, and Coinbase.
ARKB’s value is currently at $162.5 million, reflecting a 31% gain since its launch, while ARKW’s overall performance has increased by 33% over the past year.
Top asset manager VanEck has recently analyzed the potential impact of the 2024 US Presidential election on Bitcoin.
Crypto analyst Ali Martinez has indicated that an altseason may be imminent, a phase where alternative cryptocurrencies outperform Bitcoin.
BlackRock CEO Larry Fink has expressed strong support for Bitcoin, affirming its legitimacy as a financial asset during a recent interview with CNBC.
The U.S. Securities and Exchange Commission (SEC) has authorized BlackRock to offer options trading on spot Bitcoin ETFs, marking a key milestone in expanding crypto investment products.