One of Cathie Wood’s funds has executed a massive shake-up to its Bitcoin-related holdings, selling off its remaining position in the Grayscale Bitcoin Trust because of uncertainty over whether it will be able to successfully convert into an exchange-traded fund.
The ARK Next Generation Internet ETF sold all of its remaining 2.25 million shares of the Grayscale Bitcoin Trust on Wednesday, according to data compiled by Bloomberg. The same day, it bought 4.32 million shares of the ProShares Bitcoin Strategy ETF, which invests in Bitcoin futures, according to the investment firm’s daily data, making it the second-biggest holder of the fund.
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