- ARK sold 201,047 GBTC shares from the Next Generation Internet ETF (ARKW) fund. The value of the shares was $6.03 million based on the closing price on Friday.
- GBTC continues to be the largest asset of ARKW with a weight of 9.97%, which is approximately $132 million in value.
- The trust has risen by about 250% in 2023, nearly double the approximately 123% increase in Bitcoin (BTC) this year.
Cathie Wood’s ARK Invest company executed sales in Grayscale’s Bitcoin Trust assets: Over 200,000 GBTC shares were sold.
ARK Invest Selling GBTC Shares
Cathie Wood’s ARK Invest sold over 200,000 GBTC shares on November 10 when Grayscale Bitcoin Trust (GBTC), a Bitcoin investment vehicle, gained approximately 10%. ARK sold 201,047 GBTC shares from the Next Generation Internet ETF (ARKW) fund. The value of the shares was $6.03 million based on the closing price on Friday.
GBTC continues to be the largest asset of ARKW with a weight of 9.97%, which is approximately $132 million in value. The sale followed approximately $5.7 million in smaller transactions over a few days earlier in the week.
GBTC shares gained about 10% last week, dropping from around $27.35 to just below $30. The trust has risen by about 250% in 2023, nearly double the approximately 123% increase in Bitcoin (BTC) this year.
Expectations for an ETF in GBTC have excited the community
Grayscale Investments achieved a legal victory against the U.S. Securities and Exchange Commission (SEC) in August, which rejected the application to convert GBTC into a spot bitcoin exchange-traded fund (ETF). Last week, the SEC began discussions with Grayscale about the details of its application; this has been considered a significant factor in the recent crypto rally in the United States regarding the possibilities of listing a spot ETF.
