ARK Invest bought 4.3 million shares of ProShares Bitcoin Strategy ETF (BITO) yesterday after dumping its remaining holdings of the Grayscale Bitcoin Trust (GBTC).

The ProShares stake is valued at $9.2 million based on closing prices. Cathie Wood's investment vehicle also sold $27.6 million worth of Coinbase (COIN) stock and bought 20,000 shares of the Ark 21Shares Active Bitcoin Future Strategy ETF, according to an emailed transaction notice.

The ProShares exchange-traded fund, which started trading in October 2021 as the first U.S. bitcoin-linked ETF, now accounts for 5.03% of the ARK Next Generation Internet ETF (ARKW), its sixth-largest holding. The fund no longer holds any GBTC shares, with the last reported sale on Dec. 20. At just under 12%, Coinbase remains the fund's largest holding even after Wednesday's sale of 148,885 shares.

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. Both Grayscale and Ark 21Shares have ETF applications filed with the regulator, which has been meeting with applicants.