Cathie Wood’s investment firm ARK Invest has sold 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, even as Bitcoin (BTC) hit 17-month highs over excitement for a possible spot Bitcoin exchange-traded fund (ETF).
The ARK Next Generation Internet ETF (ARKW) sold 36,168 GBTC shares on Nov. 22, offloading a total of 697,768 GBTC since Oct. 23, according to ARK’s daily trading data seen by Cointelegraph.
ARKW offloaded roughly $1 million in GBTC as Grayscale’s trust traded around $30 on Nov. 22, closing at $30.50, per Google Finance data. United States markets closed on Nov. 23 for Thanksgiving.
GBTC daily price on Nov. 22. Source: Google Finance
ARK started selling Grayscale Bitcoin Trust shares on Oct. 23, 2023, as Bitcoin was reaching $34,000. Before that, ARK’s previous reported GBTC transaction was in November 2022, when the firm sold 450,272 GBTC shares.
Related: Grayscale met with SEC to discuss spot Bitcoin ETF details
After selling nearly 700,000 GBTC shares over the past month, ARK’s ARKW still holds $131.8 million worth of GBTC, or more than 4.3 million GBTC shares. As of Nov. 24, Grayscale Bitcoin Trust accounts for 9.2% of ARKW’s portfolio, ranked third after Coinbase and Roku, according to the official ARKW data.
The ARK Next Generation Internet ETF’s top three holdings by weight. Source: ARK
The ARK ETF that offloaded the funds is up over 68% year-to-date compared to the over 271% posted by Grayscale’s trust, per Google Finance data.
Meanwhile, Bitcoin is up 125% YTD and neared $38,000 on Nov. 16, the highest since May 2022, per Cointelegraph Markets Pro.
Additional reporting by Helen Partz.
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Source: https://cointelegraph.com/news/cathie-wood-ark-dumps-700k-gbtc-month
