© Reuters

NEW YORK – ARK Invest, the investment firm headed by Cathie Wood, has made significant changes to its cryptocurrency investment strategy. The firm’s ARK Next Generation Internet ETF (NYSEARCA:ARKW) has sold a substantial number of shares in the ProShares Strategy ETF (NYSEARCA:BITO) and has redirected the funds into its own ARK 21Shares Bitcoin ETF (NYSEARCA:ARKB).

On Thursday, ARKW sold 758,915 shares of BITO for approximately $15 million. These funds were immediately utilized to purchase shares in ARKB, a move that aligns with ARK Invest’s approach to concentrate on Bitcoin and the broader theme of financial innovation. The transition away from investments like BITO and Grayscale Bitcoin Trust (OTC:GBTC) to ARKB is a strategic decision that reflects the firm’s commitment to adapt to the changing landscape of cryptocurrency.

ARKW’s portfolio continues to feature Coinbase (NASDAQ:) as a significant holding, representing an NAV percentage of 8.6%. This sustained investment in Coinbase underscores ARK’s belief in the potential of cryptocurrency exchanges and the pivotal role they play in the digital asset ecosystem.

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