Bitcoin

Massive Exodus: Cathie Wood’s ARK Jettisons 700K GBTC Shares in Record Time!

ARK Invest Sells 700,000 Grayscale Bitcoin Trust Shares Amid Bitcoin Highs

Cathie Wood’s investment firm, ARK Invest, has sold 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, despite Bitcoin reaching 17-month highs and excitement surrounding a potential spot Bitcoin exchange-traded fund (ETF).

The ARK Next Generation Internet ETF (ARKW) offloaded 36,168 GBTC shares on November 22, totaling 697,768 GBTC sold since October 23, according to ARK’s daily trading data. The sales amounted to approximately $1 million in GBTC, with the trust trading around $30 on November 22.

ARK began selling GBTC shares on October 23, 2023, when Bitcoin was priced at $34,000. Prior to that, the firm’s last reported GBTC transaction was in November 2022, when they sold 450,272 GBTC shares.

Despite the recent sales, ARKW still holds $131.8 million worth of GBTC, representing over 4.3 million shares. As of November 24, Grayscale Bitcoin Trust accounts for 9.2% of ARKW’s portfolio, ranking third after Coinbase and Roku.

The ARK Next Generation Internet ETF has gained over 68% year-to-date, compared to the 271% increase seen in Grayscale’s trust. Meanwhile, Bitcoin has risen 125% YTD and approached $38,000 on November 16, the highest since May 2022.

It is worth noting that this article includes additional reporting by Helen Partz.

Sources:

Image source:

None

Related posts

Unleashing the Bull: Bitcoin Derivatives Traders Eye $40K BTC Price as Binance Emerges Victorious!

George Rodriguez

Instant Crypto Sharing: Coinbase Revolutionizes Transfers via WhatsApp and Telegram!

George Rodriguez

Santa’s Crypto Surprise: MicroStrategy Snatches $600M More Bitcoin!

George Rodriguez