Cathie Wood's ARK Invest has finalized the divestment of its remaining holdings in the ProShares Bitcoin Strategy ETF (BITO) as of Thursday. The investment firm successfully sold 237,983 BITO shares, amounting to a valuation of $6.7 million based on Thursday's closing price of $28.22, all stemming from its Next Generation Internet ETF (ARKW).

Originally, ARK had acquired a significant stake of over 4 million BITO shares toward the end of last year, strategically positioning itself for potential gains in anticipation of the approval of spot bitcoin ETFs within the U.S. market. The intention was to leverage these holdings through exchanges once the regulatory approval was secured.

Following a consistent pattern of sales throughout January, ARK systematically executed the sale of its remaining BITO shares over the course of the past week, thereby finalizing its exit from the position.

Notably, within ARK's investment portfolio, a noteworthy shift has occurred as its proprietary ARK 21Shares Bitcoin ETF (ARKB) has now ascended to the position of the fund's largest holding. With a substantial allocation of 2,480,644 shares, ARKB is valued at $160.6 million based on Thursday's closing price of $64.76. This allocation represents a significant 10.4% weighting of the fund's overall value.

This strategic maneuver highlights ARK Invest's dynamic approach to navigating the evolving landscape of cryptocurrency investment opportunities. As the market continues to mature and regulatory landscapes evolve, ARK's portfolio adjustments underscore its commitment to optimizing returns for investors while aligning with its long-term investment thesis.