ARK Invest, the investment firm led by Cathie Wood, has recently made significant moves in the cryptocurrency market by selling 700,000 shares of the Grayscale Bitcoin Trust (GBTC) in the last month.
This decision comes amidst Bitcoin’s surge to 17-month highs, driven by growing excitement surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF).
The ARK Next Generation Internet ETF (ARKW) initiated this selling spree on November 22, disposing of 36,168 GBTC shares, bringing their total GBTC sales to 697,768 since October 23, as revealed by ARK’s daily trading data.
On November 22, as Grayscale’s trust was trading around $30 (closing at $30.50 according to Google Finance data), ARKW divested approximately $1 million worth of GBTC.
Notably, U.S. markets were closed on November 23 due to the Thanksgiving holiday.
ARK’s decision to sell GBTC shares began on October 23, 2023, when Bitcoin was nearing the $34,000 mark.
Prior to this, ARK had last reported a GBTC transaction in November 2022, when they sold 450,272 GBTC shares.
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Despite the substantial sell-off, ARK’s ARKW still retains a sizable position in GBTC, with holdings worth $131.8 million, equivalent to over 4.3 million GBTC shares.
As of November 24, Grayscale Bitcoin Trust makes up 9.2% of ARKW’s portfolio, ranking third behind Coinbase and Roku, according to official ARKW data.
It’s worth noting that the ARK ETF that offloaded these funds has performed admirably, boasting a year-to-date gain of over 68%.
However, this pales in comparison to the impressive over-271% gain achieved by Grayscale’s trust during the same period, as per Google Finance data.
Meanwhile, the cryptocurrency giant Bitcoin has enjoyed substantial growth, with a year-to-date increase of 125%.
On November 16, it nearly touched $38,000, marking its highest value since May 2022, according to Cointelegraph Markets Pro.
These developments in the cryptocurrency and investment markets underscore the dynamic nature of digital assets and the strategies employed by prominent investment firms like ARK Invest.
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