Cathie Wood Reinforces Support for Bitcoin: ARK Invest Continues Buying ARKB!

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• Bitcoin bull Cathie Wood reiterated her bullish view on Bitcoin on Friday, and Elon Musk also stated that he shares her sentiment.
• Ark Invest CEO Cathie Wood restated her bullish outlook on Bitcoin on January 19, stating that Bitcoin is supported by the world’s largest computer network.
• As part of the strategy to increase assets in the Ark 21Shares spot Bitcoin ETF, Cathie Wood continues to express confidence in the recently listed spot Bitcoin ETF.

Cathie Wood, CEO of Ark Invest, reiterated her support for Bitcoin: ARK Invest continues to buy ARKB!

Cathie Wood Maintains Support for Bitcoin

Bitcoin bull Cathie Wood reiterated her bullish view on Bitcoin on Friday, and Elon Musk also stated that he shares her sentiment. Praising the Bitcoin network, Wood stated that the network is much larger than the cloud infrastructures built by Amazon, Google, and Microsoft in the last 15-20 years. Meanwhile, Cathie Wood’s Ark fund continues to invest in the Ark 21Shares spot Bitcoin ETF (ARKB) by reducing holdings in the ProShares Bitcoin Strategy ETF (BITO).

Ark Invest CEO Cathie Wood restated her bullish outlook on Bitcoin on January 19, stating that Bitcoin is supported by the world’s largest computer network. Wood claimed that the Bitcoin network is larger than the total of clouds created by Amazon, Google, and Microsoft in the last 15-20 years.

Wood referred to data from Ark Invest’s digital asset director Yassine Elmandjra in January when the Bitcoin hash rate exceeded 500 exahashes/s. Elmandjra said, “For every star in our galaxy, the Bitcoin network is performing 5 billion calculations per second. To reach the hash rate of the Bitcoin network, every person worldwide making one hash per second would take about 2000 years,” and shared some factors about the size of the Bitcoin network.

Ark Invest Selling BITO and Buying ARKB

On January 18, ARK Next Generation Internet ETF (ARKW) sold 758,915 shares of ProShares Bitcoin Strategy ETF (BITO) valued at $15 million and purchased 15 million dollars worth of Ark 21Shares spot Bitcoin ETF (ARKB) shares. ProShares Bitcoin Strategy ETF (BITO) closed at $19.72 on Thursday, marking a 4.64% decrease. Meanwhile, Ark 21Shares Bitcoin ETF (ARKB) also closed at $40.95, reflecting a 4.46% decrease.

As part of the strategy to increase assets in the Ark 21Shares spot Bitcoin ETF, Cathie Wood continues to express confidence in the recently listed spot Bitcoin ETF. On January 16, ARKW sold 757,664 shares of ProShares Bitcoin Strategy ETF (BITO) valued at approximately $15.8 million and purchased $15.8 million worth of Ark 21Shares Bitcoin ETF (ARKB).

According to data from BitMEX Research, $41.8 million flowed into ARKB. The total outflow from the 11 spot Bitcoin ETFs, including a massive $579.6 million outflow from GBTC with a valuation of $131.6 million on the 5th day, was included. In December, ARKW completely liquidated its holdings in Grayscale Bitcoin Trust (GBTC) and purchased 4.32 million shares of ProShares Bitcoin Strategy ETF (BITO).