- Ark Next Generation Internet ETF has been actively reducing its holdings in the Grayscale Bitcoin Trust.
- Ark Invest sold more than 700,000 shares of Grayscale Bitcoin Trust.
- Despite the recent sell-off, it’s noted that Cathie Wood, CEO of Ark Invest, had previously referred to Grayscale Bitcoin Trust as her “top pick.”
Ark Next Generation Internet ETF, an actively managed fund from the team at Ark Investment Management, is reducing its holding of the Grayscale Bitcoin Trust, according to Bloomberg.
It was reported that since October 23, Ark Next Generation Internet ETF has sold more than 700,000 shares of Bitcoin Trust. According to Bloomberg’s compilation of the ETF provider’s daily trading data, Ark sold 36,168 shares on Wednesday.
This instance isn’t the first, as Ark Invest sold a substantial amount of crypto assets in two consecutive days at the end of October 2023.
Reports showed that the Ark Next Generation Internet ETF sold approximately $1.8 million worth of Grayscale Bitcoin Trust (GBTC) shares and $1.7 million of Coinbase Global Inc. (COIN) stock. The day prior to this, the firm reportedly sold over 100,000 GBTC units and $3.3 million in COIN shares.
Interestingly, Cathie Wood, CEO of Ark Invest, reportedly claimed that Grayscale Bitcoin Trust was “her top pick” at the Sohn Australia conference on Friday. Previous data stated that Ark was the fourth largest holder of the trust, with 5.6 million units as of September 30.
Ark Invest’s 2023 annual research report asserted that crypto assets could “rival and redefine traditional asset classes.” Moreover, Ark Invest predicted that crypto could become a $25 trillion asset class by 2030.
Furthermore, Wood once explained how she believes Bitcoin will continue to surpass any other traditional asset class. She claimed that Bitcoin will end the decade at $1 million due to “its strong fundamentals.”