Ark Invest disposed of 118,209 ARKB spot Bitcoin ETF shares worth $7.76 million on Wednesday as the investment firm rebalanced the fund’s weightings. It was Ark’s first sale of shares in ARKB since the spot Bitcoin ETF was launched in January. Elsewhere, Bitcoin miner MARA bought $100 million worth of BTC, increasing its balance sheet holdings to over 20,000 BTC. MARA also announced plans to adopt a full “HODL” approach to its BTC treasury policy.
Ark Invest sells $7.8 million from its spot Bitcoin ETF
As you have been following on Kriptokoin.com, Cathie Wood’s Ark Invest is closely followed in the market for its BTC investments. Ark Invest sold 118,209 shares of ARKB spot Bitcoin ETF (ARKW) worth $7.76 million on Wednesday. This is the first time the Cathie Wood-led investment firm has sold shares in ARKB, issued by Ark Invest and 21Shares, since the launch of spot Bitcoin ETFs in January.
Ark’s investment strategy aims for no individual holding to make up more than 10% of the ETF’s portfolio. This is to maintain diversification in its funds. So if ARKB rises relative to Ark’s other holdings in the fund, it is likely to continue to rebalance its weightings. According to the firm’s latest disclosures, ARKB is the largest holding in the ARKW ETF with a weight of 10.98% as of July 24, ahead of Tesla, Roku and Coinbase at 9.5%, 8.48% and 8.23%, respectively. ARKW’s ARKB holdings have a market capitalization of $162.5 million and the spot Bitcoin ETF is up nearly 31% since inception. Overall, ARKW’s fund has gained 33% over the past year.
MARA bought $100 million worth of BTC!
Bitcoin miner MARA, which recently rebranded from Marathon Digital, announced on Thursday that it has purchased an additional $100 million worth of BTC. According to a statement, this purchase brings MARA’s balance sheet to over 20,000 BTC ($1.3 billion). This corresponds to approximately 0.1% of Bitcoin’s total supply of 21 million.
MARA CFO Salman Khan did not provide specific details on when and at what average price the Bitcoin miner made the purchases. He said only that the firm “strategically took advantage of favorable market conditions to opportunistically buy BTC in the market.” However, based on the dollar amount and the company’s balance sheet holdings of 18,536 BTC as of the end of June, according to Bitcoin Treasuries, recent purchases are likely to total around 1,500 BTC purchased this month in the $54,000 to $68,000 range.
MARA’s full ‘HODL’ strategy
In addition, MARA said it will adopt a full “HODL” approach to its Bitcoin treasury policy and will hold all Bitcoin mined in its operations with more strategic acquisitions made periodically. Fred Thiel, Chairman and CEO of MARA, made the following statement on the subject:
Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin. We believe Bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it. We also encourage governments and companies to hold bitcoin as a reserve asset.
MARA sees Bitcoin drop as a buy opportunity!
According to a Wednesday report by analysts at research and brokerage firm Bernstein, MARA had reduced the percentage of Bitcoin it sold as a percentage of production from 56% in 2023 to 31% in 2024. In this context, Khan said:
Before last year, the company held all of its Bitcoin. Given Bitcoin’s current tailwinds, including increased institutional support and an improving macro environment, we are once again implementing this strategy and focusing on increasing the amount we hold on our balance sheet. Bitcoin’s recent price decline, coupled with the strength of our balance sheet, has given us the opportunity to add to our holdings.
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