Cathie WoodArk Investment Management LLC affiliate Ark Investment Management LLC is buying shares of a just-launched Bitcoin ETF as competition between inaugural issuers intensifies.
The ARK Next Generation Internet ETF (symbol ARKW) sold $16 million worth of its position in the futures-backed ProShares Bitcoin ETF (BITO) on Tuesday to make room for the purchase of 365,427 shares of the ARK 21 Shares Bitcoin ETF (ARKB), which now makes up 1% of ARKW Fund, according to data compiled by Bloomberg.