For quite some time, we’ve been talking about using the ProShares Bitcoin Strategy ETF (BITO) to benefit from the rise of Bitcoin (BTC).
We’ve noted, “BITO mimics the price of Bitcoin as closely as possible without investing in the cryptocurrency itself. As noted by Money, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency. While BITO has already run from $13.50 to $20.63 so far, it could see higher highs. All in anticipation of a Bitcoin ETF in the new year.”
Even better, we just learned Cathie Wood’s ARK Invest just sold all its holdings in Grayscale Bitcoin Trust (GBTC) – about $200 million worth—and used half to buy shares of BITO, according to Bloomberg Intelligence.
“The change in holdings comes ahead of next month’s expected decision by the Securities and Exchange Commission on whether to allow spot bitcoin ETFs to trade in the U.S.,” says CoinDeskcom.
Maybe Woods and her ARK Invest team have been reading our columns? We can dream.