Cathie Wood’s Ark Invest Increases Bitcoin ETF Holdings with $15 Million Purchase
- Ark Invest’s strategic move represents a concerted effort to increase scale in the highly competitive Bitcoin ETF landscape.
- Bitcoin’s hash rate of 500 exahashes/second demonstrates its superior computing performance compared to existing supercomputers.
Cathie Wood’s Ark Invest has doubled down on its commitment to crypto, acquiring an additional $15 million worth of the ARK 21Shares spot bitcoin exchange-traded fund (ETF). This move was made as part of a strategic effort to increase exposure to Bitcoin through ETF products.
Ark Invest’s Continued Investment in the ARK 21Shares Bitcoin ETF
Ark Invest’s ARK Next Generation Internet ETF in Latest Move (ARKW) On January 18, I purchased 365,695 shares of the ARK 21Shares Bitcoin ETF (ARKB), representing a significant investment of $15 million.
This comes shortly after the company’s previous purchase of 365,427 shares, equivalent to 1% of ARKW’s holdings, on January 16. The back-to-back purchases highlight Ark Invest’s continued focus on strengthening Bitcoin ETFs.
Trading activity from today with Cathie Wood and Ark Invest 1/18 pic.twitter.com/zFT4XXbstM
— Ark Invest Daily (@ArkkDaily) January 19, 2024
Strategic Allocation to Size of the Bitcoin ETF Space
Bloomberg Intelligence suggests Ark Invest’s strategy of concentrating funds into ARKB is a calculated move to quickly gain scale in the highly competitive Bitcoin ETF landscape. Competition for asset accumulation has become important as the U.S. Securities and Exchange Commission (SEC) recently approved Bitcoin ETF.
Scale Bitcoin ETF This is an important factor for financial advisors and platforms, many of which impose minimum asset standards.
Trading activity from today with Cathie Wood and Ark Invest 1/16 pic.twitter.com/RiBGT3BV8T
— Ark Invest Daily (@ArkkDaily) January 17, 2024
Impressive milestones for Cathie Wood and the Bitcoin Network
Cathie Wood, the renowned founder of Ark Invest, emphasized the robustness of the Bitcoin network, emphasizing its scale and computational power. Yassine Elmandjra, Director of Digital Assets at Ark Invest, shared that Bitcoin’s hash rate has hit an all-time high of 500 exahash/second.
Elmandjra drew an interesting comparison, noting that the Bitcoin network performs 5 billion calculations per second for every star in our galaxy. Wood echoed this sentiment, emphasizing that Bitcoin is backed by a computer network larger than the clouds of tech giants Amazon, Google and Microsoft combined.
Bitcoin’s Network Dominance Over Tech Giants
In a social media post, Elmandjra pointed out that the performance of the Bitcoin network outperforms the world’s most powerful supercomputer by 500 times in raw operations per second. Wood confirmed this, claiming that Bitcoin’s support extends beyond traditional assets. The Ark Invest team’s commitment to Bitcoin reflects confidence in its technical excellence and long-term potential.
