Cathie Wood’s ARK Next Generation Internet ETF Shakes Up Bitcoin-Related Holdings

Cathie Wood’s ARK Next Generation Internet ETF has made significant changes to its Bitcoin-related holdings. The ETF sold all of its remaining 2.25 million shares of the Grayscale Bitcoin Trust and bought 4.32 million shares of ProShares Bitcoin Strategy ETF. This move comes as Bitcoin has more than doubled in value in 2023, with much of the gains coming toward the end of the year.

Wood has been reducing her holdings in the Grayscale Bitcoin Trust in recent months, even as Bitcoin reached its highest level since April 2022. The cryptocurrency has experienced a significant increase in value, with much of the gains occurring near the end of the year. This has been driven by speculation that the US Securities and Exchange Commission will approve spot Bitcoin ETFs early next month.

Wood has been a strong advocate for Bitcoin, considering it her top pick at the Sohn Australia conference last month. Despite this, the ARK Next Generation Internet ETF has been volatile, experiencing a 19% drop and a 67% decline in 2021 and 2022, respectively.

The ETF’s recent changes also include buying 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF and selling 148,885 shares of Coinbase Global Inc. The ARK Next Generation Internet ETF has performed well this year, with a 103% increase in value. However, it has faced significant volatility, with a 55% advance in the Nasdaq 100 Index.

In conclusion, Cathie Wood’s ARK Next Generation Internet ETF has made significant changes to its Bitcoin-related holdings, reflecting the current market trends and speculation surrounding Bitcoin. The ETF’s recent moves highlight the ongoing interest in cryptocurrencies and their potential impact on the financial market.