Cathie Wood’s Ark Buys Its Own Bitcoin ETF as Arms Race Heats Up

Cathie Wood’s Ark Investment Management LLC is snapping up shares of the firm’s just-launched spot-Bitcoin ETF as competition among the inaugural issuers escalates.

The ARK Next Generation Internet ETF (ticker ARKW) sold off $16 million worth of its position in the futures-backed ProShares Bitcoin ETF (BITO) on Tuesday to make way for a purchase of 365,427 shares of the ARK 21 Shares Bitcoin ETF (ARKB), which now makes up 1% of the ARKW fund, data compiled by Bloomberg show.

WATCH: Cathie Wood is bullish on spot Bitcoin ETFs.

Source: Bloomberg

A consistent bid from its sister fund could help give ARKB a leg-up in ...