Cathie Wood’s investment firm, ARK Invest, has made a significant move by selling off 700,000 shares of Grayscale Bitcoin Trust (GBTC) over the last month. This decision was taken even as Bitcoin's prices surged to a 17-month high, fueled by anticipation surrounding a potential spot Bitcoin exchange-traded fund (ETF).
Revealing that the ARK Next Generation Internet ETF (ARKW) offloaded 36,168 GBTC shares on November 22, adding up to a total sale of 697,768 GBTC shares since October 23.
Google Finance data outlined that ARKW sold nearly $1 million worth of GBTC on November 22, with Grayscale's trust trading at around $30, closing slightly higher at $30.50. Notably, U.S. markets were closed on November 23 for the Thanksgiving holiday. The selling of Grayscale Bitcoin Trust shares by ARK started on October 23, 2023, coinciding with Bitcoin's price nearing $34,000. Prior to this, ARK had last reported a GBTC transaction in November 2022, selling 450,272 GBTC shares.
Despite offloading close to 700,000 GBTC shares in the past month, ARKW still maintains a significant stake in GBTC. As of November 24, ARKW holds approximately $131.8 million worth of GBTC, equivalent to more than 4.3 million GBTC shares. Grayscale Bitcoin Trust remains a notable portion of ARKW's investment portfolio, accounting for 9.2%, ranking third in holdings after Coinbase and Roku. ARK's ETF has seen a growth of over 68% year-to-date, while the Grayscale trust itself has registered gains exceeding 271%, as per Google Finance data.
Simultaneously, Bitcoin has shown a remarkable performance, surging by 125% year-to-date and hovering around $38,000 on November 16, marking its highest level since May 2022, as per insights from Cointelegraph Markets Pro.
