A Cathie Wood ETF just overhauled its Bitcoin-related holdings

One of Cathie Wood’s exchange-traded funds has executed a massive shake-up in its Bitcoin-related holdings as the cryptocurrency rounds out a blockbuster year. The ARK Next Generation Internet ETF sold all of its remaining 2.25 million shares of the Grayscale Bitcoin Trust on Wednesday, according to data compiled by Bloomberg. The same day, it bought 4.32 million shares of ProShares Bitcoin Strategy ETF, according to Ark Investment Management LLC’s daily data, making it the second-biggest holder of the fund.

Wood has been trimming her holdings in the Grayscale Bitcoin Trust — which used to be ARK Next Generation Internet ETF’s top holding — in recent months, even as Bitcoin rose to its highest level since April 2022.