Cathie Wood's investment company, ARK Invest, has finished selling its shares in the ProShares Bitcoin Strategy ETF (BITO). This happened on Thursday when they sold the last of their shares

ARK Invest sold 237,983 BITO shares, which were worth $6.7 million, from its Next Generation Internet ETF (ARKW). This was based on the closing price of $28.22 per share on Thursday.

Last year, ARK Invest bought over 4 million shares of BITO as a short-term investment. They hoped for the approval of spot Bitcoin ETFs in the US, planning to trade these shares once the approval came through.

Starting in January, ARK Invest began consistently selling off their BITO shares. And now, they've completed getting rid of all of them.

Now, ARK Invest is focusing on its own ARK 21Shares Bitcoin ETF (ARKB), which is their largest holding. It owns 2,480,644 shares valued at $160.6 million, according to Thursday's closing price of $64.76 per share. This makes up 10.4% of the fund's total value.

This change in strategy shows how ARK Invest is adapting to the changing market and regulatory environment in the cryptocurrency space.

In conclusion, ARK Invest has sold its shares in BITO and is now concentrating on its ARKB fund, reflecting its response to market changes and regulations.