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- ARK Invest is the fourth-largest investor in Grayscale Bitcoin Trust. As of September 30, 2023, the firm holds 5.6 million shares.
- On October 28, ARK Invest executed another significant sale, including a total of 66,342 GBTC units, with a total value of $1.66 million based on the closing price per unit.
- These recent sales took place as Bitcoin reached its highest level since May 2022, surpassing $37,000 earlier this month.
Cathie Wood’s ARK Invest continues to reduce its investments in Grayscale Bitcoin Trust: more than 700,000 shares sold!
ARK Invest Continues to Sell GBTC
Cathie Wood’s ARK Invest is reducing its largest investment in Grayscale Bitcoin Trust (GBTC). According to Bloomberg, the investment firm has sold over 700,000 shares of GBTC. This move comes after the Department of Justice filed a $4 billion lawsuit against Binance, raising concerns about exchange policies.
ARK Invest is the fourth-largest investor in Grayscale Bitcoin Trust, holding 5.6 million shares as of September 30, 2023. Previously, Cathie Wood strategically adjusted the company’s portfolio and cleared out Grayscale Bitcoin Trust (GBTC) shares. On October 28, ARK Invest executed another significant sale, including a total of 66,342 GBTC units, with a total value of $1.66 million based on the closing price per unit.
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ARK Invest had previously sold approximately $2.5 million worth of GBTC shares on October 24. Specifically, the fund participated in several sessions of GBTC sales that week. These sales represent about 2% of ARK’s total assets under management.
Following this, on October 25, ARK Invest executed approximately $1.8 million worth of sales in GBTC shares for the second consecutive day. These strategic GBTC sales suggest a possible connection with ARK Invest’s recent filing for a Bitcoin-based exchange-traded fund (ETF).
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These recent sales took place as Bitcoin reached its highest level since May 2022, surpassing $37,000. GBTC funds are associated with the Bitcoin price, which should rise when the Bitcoin price rises and vice versa. This situation has improved for many investors who have invested in Bitcoin, Bitcoin ETFs, or trust funds to profit from the increase.
ARK Invest’s Revised Bitcoin ETF Prospectus
On November 20, 2023, ARK Invest filed the prospectus for its spot BTC ETF with some modifications. This refiling has sparked even more excitement among cryptocurrency investors. ARK Invest’s determination to modify and refile its spot Bitcoin ETF application is the latest indicator of the growing institutional interest in direct cryptocurrency exposure.
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After being rejected by the SEC for years, major financial institutions such as BlackRock, Fidelity, and Galaxy Digital applied for spot BTC ETFs this year. ARK’s ongoing prospectus updates actively demonstrate an effort to resolve SEC concerns by including expanded risk disclosures.
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