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Cathie Wood's ARK Sold $6M of Grayscale Bitcoin Trust Shares Amid Rally
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Cathie Wood’s ARK Sold $6M of Grayscale Bitcoin Trust Shares Amid Rally

  • ARK offloaded 201,047 GBTC shares, worth around $6 million, from its Next Generation Internet ETF.

Cathie Wood’s ARK Invest sold nearly 200,000 shares of Grayscale Bitcoin Trust (GBTC) on November 10th, after the BTC investment vehicle gained around 10% in the previous week.

According to an emailed report, ARK sold 201,047 GBTC shares from its Next Generation Internet ETF (ARKW). Based on the closing price on Friday, the shares were valued at $6.03 million. GBTC remains ARKW’s largest investment, with a 9.97% weighting worth around $132 million.

The sale came after numerous smaller deals totaling around $5.7 million earlier in the week.

Read Also: Ark Invest and 21Shares To Launch Crypto ETFs Next Week

Last week, GBTC shares increased about 10%, from roughly $27.35 to little under $30. In 2023, the trust has increased over 250%, nearly double the gain of bitcoin (BTC), which is up around 123% this year.

Grayscale Investments, a subsidiary of CoinDesk parent DCG, won a legal win in August against the Securities and Exchange Commission over the regulator’s rejection of its application to convert GBTC into a spot bitcoin exchange-traded fund (ETF). 

Last week, the SEC began discussions with Grayscale on the contents of its application, which is a further boost to the odds of a spot ETF being listed in the United States, which has been a big reason in the recent crypto rise.

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