{"id":567285,"date":"2023-12-28T21:30:59","date_gmt":"2023-12-28T21:30:59","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=567285"},"modified":"2024-06-11T08:04:44","modified_gmt":"2024-06-11T08:04:44","slug":"cathie-woods-ark-etf-overhauls-bitcoin-portfolio-proshares-in-grayscale-out-whats-the-strategy","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/cathie-woods-ark-etf-overhauls-bitcoin-portfolio-proshares-in-grayscale-out-whats-the-strategy\/","title":{"rendered":"Cathie Wood&#8217;s ARK ETF Overhauls Bitcoin Portfolio: ProShares In, Grayscale Out &#8211; What&#8217;s The Strategy?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a significant shake-up of its Bitcoin (BTC)-related holdings, Cathie Wood&#8217;s ARK Next Generation Internet exchange-traded fund (ETF) has made<\/span><a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/cathie-wood-bitcoin-cash-gold\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> strategic changes <\/span><\/a><span style=\"font-weight: 400\">as BTC ends the year with a significant 156% surge.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a Bloomberg <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-28\/a-cathie-wood-etf-just-overhauled-its-bitcoin-related-holdings\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">, the ETF sold all its remaining 2.25 million shares of the Grayscale Bitcoin Trust (GBTC) while acquiring 4.32 million shares of the ProShares Bitcoin Strategy ETF.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Caution As Reason For Exiting Grayscale Bitcoin Trust<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to Bloomberg, Wood cited caution as the reason behind the sale of the <\/span><a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/grayscale-bitcoin-etf-2-7-billion-exodus-jpmorgan\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Grayscale Bitcoin Trust<\/span><\/a><span style=\"font-weight: 400\">. The move was prompted by concerns that the anticipated conversion of the trust to a spot Bitcoin ETF might not receive approval from US regulators in early January.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Additionally, Wood highlighted the<\/span><a href=\"https:\/\/shenyangcang.com\/news\/ethereum\/ark-invest-ethereum-futures-etf\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> substantial reduction<\/span><\/a><span style=\"font-weight: 400\"> in the trust&#8217;s discount to its net asset value, which, combined with its price increase, influenced the decision.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Wood emphasized the unpredictability surrounding which Bitcoin-related offerings would gain regulatory approval, expressing optimism about Bitcoin while acknowledging the uncertainty ahead.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/axie-infinity-springs-back-to-life-with-surprise-35-rally-details\/\" target=\"_blank\" rel=\"noopener \">Axie Infinity Springs Back To Life With Surprise 35% Rally \u2013 Details<\/a><\/div>\n<p><span style=\"font-weight: 400\">In this regard, Bloomberg ETF expert Erich Balchunas <\/span><a href=\"https:\/\/x.com\/EricBalchunas\/status\/08178920?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">highlights <\/span><\/a><span style=\"font-weight: 400\">that approximately $100 million of the proceeds were used to purchase the ProShares Bitcoin Strategy ETF (BITO), likely as a liquid transition vehicle to maintain exposure to Bitcoin while gradually transitioning into either ARKW or ARKB.<\/span><\/p>\n<figure id=\"attachment_567287\" aria-describedby=\"caption-attachment-567287\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-567287\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=860&#038;resize=860%2C380\" alt=\"Bitcoin \" width=\"860\" height=\"380\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=1680 1680w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/GCZp206XwAAG137.png?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-567287\" class=\"wp-caption-text\">ARK Invest&#8217;s BITO holdings. Source: <a href=\"https:\/\/x.com\/EricBalchunas\/status\/08178920?s=20\" target=\"_blank\" rel=\"noopener nofollow\">Erich Balchunas on X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Interestingly, ARK has now become the second-largest holder of BITO, although Balchunas clarifies that this is a temporary parking spot. Blachunas emphasizes that institutions, including ARK, often employ highly liquid ETFs for transitions of this nature.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Balchunas also points out that this move aligns with the prediction made by Bloomberg a month ago, reflecting strategic foresight on ARK&#8217;s part.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Balchunas, this decision is smart as it allows ARK to boost its own ETF&#8217;s assets under management (AUM) while saving investors from incurring a significant expense ratio in the process.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Wood&#8217;s Long-Term Vision<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Per the report, the reduction in holdings of the Grayscale Bitcoin Trust has been a gradual process for <\/span><a href=\"https:\/\/shenyangcang.com\/crypto\/crypto-market-cap-25-trillion\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Cathie Wood<\/span><\/a><span style=\"font-weight: 400\">, even as the price of Bitcoin surged to its highest level since April 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Throughout 2023, Bitcoin more than doubled in value, with significant gains occurring towards the end of the year amid speculation that the Securities and Exchange Commission (<\/span><a href=\"https:\/\/shenyangcang.com\/bitcoin-news\/secs-crypto-asset-securities-alert-boosts-spot-bitcoin-etf-prospects-heres-why\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">SEC<\/span><\/a><span style=\"font-weight: 400\">) would approve spot Bitcoin ETFs in the first days of January 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400\">During the Sohn Australia conference last month, Wood touted the Grayscale Bitcoin Trust as her top pick. However, recent developments have led to a shift in the ETF&#8217;s portfolio composition.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition to the changes involving Grayscale and ProShares, the ARK ETF also purchased 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF and sold 148,885 shares of the cryptocurrency exchange<\/span><a href=\"https:\/\/shenyangcang.com\/coinbase\/coinbase-introduces-new-features-for-global-remittances\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> Coinbase Global<\/span><\/a><span style=\"font-weight: 400\">, according to the fund&#8217;s report.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/analysis\/xrp\/xrp-price-rise-390000-to-2500\/\" target=\"_blank\" rel=\"noopener \">Top Banker Reveals Why XRP Price Will Rise 390,000% To $2,500<\/a><\/div>\n<p><span style=\"font-weight: 400\">The ARK Next Generation Internet ETF has achieved an impressive 103% gain for the year, surpassing the 55% advance of the Nasdaq 100 Index.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is worth noting that the fund&#8217;s performance has been characterized by significant volatility, experiencing declines of 19% and 67% in 2021 and 2022, respectively.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/w5U8wFsc\/\" alt=\"Bitcoin \" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The 1-day chart shows BTC&#8217;s sideways price action over the past 24 hours. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The leading cryptocurrency in the market is trading at $42,800, exhibiting a sideways price movement over the past 24 hours. During this timeframe, there has been a marginal decrease of 0.3% in its value.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant shake-up of its Bitcoin (BTC)-related holdings, Cathie Wood&#8217;s ARK Next Generation Internet exchange-traded fund (ETF) has made strategic changes as BTC ends the year with a significant 156% surge. According to a Bloomberg report, the ETF sold all its remaining 2.25 million shares of the Grayscale Bitcoin Trust (GBTC) while acquiring 4.32 million shares of the ProShares Bitcoin Strategy ETF.\u00a0 Caution As Reason For Exiting Grayscale Bitcoin Trust According to Bloomberg, Wood cited caution as the reason behind the sale of the Grayscale Bitcoin Trust. The move was prompted by concerns that the anticipated conversion of the trust to a spot Bitcoin ETF might not receive approval from US regulators in early January.\u00a0 Additionally, Wood highlighted the substantial reduction in the trust&#8217;s discount to its net asset value, which, combined with its price increase, influenced the decision. Wood emphasized the unpredictability surrounding which Bitcoin-related offerings would gain regulatory approval, expressing optimism about Bitcoin while acknowledging the uncertainty ahead. Related Reading: Axie Infinity Springs Back To Life With Surprise 35% Rally \u2013 Details In this regard, Bloomberg ETF expert Erich Balchunas highlights that approximately $100 million of the proceeds were used to purchase the ProShares Bitcoin Strategy ETF (BITO), likely as a liquid transition vehicle to maintain exposure to Bitcoin while gradually transitioning into either ARKW or ARKB. Interestingly, ARK has now become the second-largest holder of BITO, although Balchunas clarifies that this is a temporary parking spot. Blachunas emphasizes that institutions, including ARK, often employ highly liquid ETFs for transitions of this nature.\u00a0 Balchunas also points out that this move aligns with the prediction made by Bloomberg a month ago, reflecting strategic foresight on ARK&#8217;s part.\u00a0 According to Balchunas, this decision is smart as it allows ARK to boost its own ETF&#8217;s assets under management (AUM) while saving investors from incurring a significant expense ratio in the process. Wood&#8217;s Long-Term Vision Per the report, the reduction in holdings of the Grayscale Bitcoin Trust has been a gradual process for Cathie Wood, even as the price of Bitcoin surged to its highest level since April 2022.\u00a0 Throughout 2023, Bitcoin more than doubled in value, with significant gains occurring towards the end of the year amid speculation that the Securities and Exchange Commission (SEC) would approve spot Bitcoin ETFs in the first days of January 2024. During the Sohn Australia conference last month, Wood touted the Grayscale Bitcoin Trust as her top pick. However, recent developments have led to a shift in the ETF&#8217;s portfolio composition. In addition to the changes involving Grayscale and ProShares, the ARK ETF also purchased 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF and sold 148,885 shares of the cryptocurrency exchange Coinbase Global, according to the fund&#8217;s report. Related Reading: Top Banker Reveals Why XRP Price Will Rise 390,000% To $2,500 The ARK Next Generation Internet ETF has achieved an impressive 103% gain for the year, surpassing the 55% advance of the Nasdaq 100 Index.\u00a0 It is worth noting that the fund&#8217;s performance has been characterized by significant volatility, experiencing declines of 19% and 67% in 2021 and 2022, respectively. The leading cryptocurrency in the market is trading at $42,800, exhibiting a sideways price movement over the past 24 hours. During this timeframe, there has been a marginal decrease of 0.3% in its value. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":567286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8861,89221,428,532,90555,9960,656,679,86675,1119,1144,8390,78790,55016,90092,88609,6664,1558,61774,89192,6217,86858,84647],"class_list":["post-567285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ark-invest","tag-ark-invest-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etf-news","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-bito","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-cathie-wood","tag-cathie-wood-news","tag-cathie-woods-ark-invest","tag-crypto","tag-cryptocurrency","tag-grayscale-bitcoin-trust","tag-grayscale-news","tag-latest-bitcoin-news","tag-proshares-etf","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Cathie Wood&#039;s ARK ETF Overhauls Bitcoin Portfolio: ProShares In, Grayscale Out - What&#039;s The Strategy?<\/title>\n<meta name=\"description\" content=\"In a shake-up of its Bitcoin-related holdings, Cathie Wood&#039;s ARK ETF has made strategic changes as BTC ends the year with a 156% surge.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shenyangcang.com\/news\/cathie-woods-ark-etf-overhauls-bitcoin-portfolio-proshares-in-grayscale-out-whats-the-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cathie Wood&#039;s ARK ETF Overhauls Bitcoin Portfolio: ProShares In, Grayscale Out - What&#039;s The Strategy?\" \/>\n<meta property=\"og:description\" content=\"In a shake-up of its Bitcoin-related holdings, Cathie Wood&#039;s ARK ETF has made strategic changes as BTC ends the year with a 156% surge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/shenyangcang.com\/news\/cathie-woods-ark-etf-overhauls-bitcoin-portfolio-proshares-in-grayscale-out-whats-the-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-28T21:30:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T08:04:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/12\/shutterstock_download-5.jpg?fit=463%2C260\" \/>\n\t<meta property=\"og:image:width\" content=\"463\" \/>\n\t<meta property=\"og:image:height\" content=\"260\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ronaldo Marquez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Rmmcapital\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ronaldo Marquez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/shenyangcang.com\/news\/cathie-woods-ark-etf-overhauls-bitcoin-portfolio-proshares-in-grayscale-out-whats-the-strategy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/shenyangcang.com\/news\/cathie-woods-ark-etf-overhauls-bitcoin-portfolio-proshares-in-grayscale-out-whats-the-strategy\/\"},\"author\":{\"name\":\"Ronaldo Marquez\",\"@id\":\"https:\/\/shenyangcang.com\/#\/schema\/person\/23849d4cdb61b3b34c9e7e5fea0a9a6c\"},\"headline\":\"Cathie Wood&#8217;s ARK ETF Overhauls Bitcoin Portfolio: ProShares In, Grayscale Out &#8211; 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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