Nikolas Sargeant
In a bid to strengthen its position in the rapidly evolving Bitcoin ETF market, Ark Invest's ARK Next Generation Internet ETF (ARKW) acquired 365,695 shares of ARK 21Shares Bitcoin ETF (ARKB) on January 18, totaling an investment of approximately $15 million based on the closing price of $40.95 on Thursday.
Ark Invest Expands Commitment to ARK 21Shares Bitcoin ETF for Enhanced Market Position
Ark Invest's strategic move involves reallocating funds to ARKB, following the SEC's approval of Bitcoin ETFs on January 16. Despite the simultaneous approval, the market's competitive nature has prompted Ark Invest to leverage its funds strategically, potentially gaining an edge in the burgeoning sector.
Bloomberg Intelligence suggests that funneling Ark Invest's capital into ARKB is a tactic aimed at rapidly scaling up. With all Bitcoin ETFs holding the same underlying asset, the SEC's approval has set the stage for intense competition among funds.
According to insights from Bloomberg, the scale of the spot Bitcoin ETF is a crucial factor for financial advisers and platforms, especially those with minimum-asset thresholds.
Yassine Elmandjra, Ark Invest's Director of Digital Assets, recently shared a noteworthy achievement on social media, highlighting that Bitcoin's hash rate has reached an unprecedented 500 exahashes/s.
Elmandjra drew attention to the staggering figure, making comparisons like, "For every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second." He emphasized the immense computational power of the Bitcoin network, stating it would take approximately 2000 years for the global population to match its hash rate, even if each person performed one hash per second.
Addressing skeptics, Elmandjra pointed out, "The Bitcoin network performs ~67 times more hashes per second than there are grains of sand on Earth," highlighting its exceptional performance compared to the world's most powerful supercomputer.
Cathie Wood echoed Elmandjra's sentiments, emphasizing, "Bitcoin is backed by the largest computer network in the world, a network orders of magnitude larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the last 15-20 years."
