Outside Source
Ahead of the Bitcoin (BTC) halving, Cathie Wood’s ARK Invest engaged in a series of transactions reflecting the hedge fund’s bullish stance on the cryptocurrency’s trajectory.
Among the notable moves was ARK’s addition of 139,152 units of its in-house spot Bitcoin ETF — the ARK 21Shares Bitcoin ETF — valued at $8.96 million.
The purchase followed another substantial buy of $31.19 million worth of the ETF the day before.
Not content with just Bitcoin, ARK doubled down on diversification by purchasing 41,068 shares of ProShares Ether Strategy ETF (EETH), totaling approximately $2.78 million.
This buy was also in addition to another $2.9 million worth of EETH shares the investment giant bought on April 18.
However, not all moves were about acquisitions. ARK also shed some weight in its portfolio, selling 28,936 shares of ProShares Bitcoin Strategy ETF (BITO), amounting to approximately $803,552.
Analysts considered the transactions significant, particularly since they came just hours before the much-anticipated Bitcoin halving event.
However, while the halving brought a sense of subdued sentiment to the crypto market after an earlier surge in anticipation, Wood said she remains undeterred in her confidence in Bitcoin’s long-term potential, possibly indicated by her company’s gazumping of the BTC ETFs.
In a recent interview, she shared insights into ARK’s investment strategies, emphasizing her positive outlook on transformative technologies such as artificial intelligence, electric vehicles, and, of course, the cryptocurrency sector.
Her firm has also made headlines in Europe with the launch of its first three European UCITS ETFs, expanding its global footprint and catering to the growing demand for its investment strategies.
The ETFs were listed on Deutsche Borse Xetra on April 18 and are slated for listing on additional European exchanges in the coming weeks.
This article first appeared at crypto.news
