According to Eric Balchunas, a senior ETF analyst at Bloomberg, Ark Invest has sold its entire remaining position in Grayscale Bitcoin Trust (GBTC). Just a month ago, GBTC was the biggest holding in its ARK Next Generation Internet ETF (ARKW) portfolio. Approximately $100 million from this sale was reinvested into the ProShares Bitcoin Strategy ETF (BITO), making ARK the second-largest holder of BITO. This move is likely a liquidity transition strategy. It aims to maintain beta to Bitcoin while transitioning into ARKW or ARK 21Shares Bitcoin ETF (ARKB).
