Cathie Wood’s ARK dumps 700K GBTC shares in one month

Cathie Wood’s concern steadfast ARK Invest has sold 700,000 shares of the Grayscale Bitcoin Trust (GBTC) implicit the past month, adjacent arsenic Bitcoin (BTC) deed 17-month highs implicit excitement for a imaginable spot Bitcoin exchange-traded money (ETF).

The ARK Next Generation Internet ETF (ARKW) sold 36,168 GBTC shares connected Nov. 22, offloading a full of 697,768 GBTC since Oct. 23, according to ARK’s regular trading information seen by Cointelegraph.

ARKW offloaded astir $1 cardinal successful GBTC arsenic Grayscale’s spot traded astir $30 connected Nov. 22, closing astatine $30.50, per Google Finance data. United States markets closed connected Nov. 23 for Thanksgiving.

GBTC regular terms connected Nov. 22. Source: Google Finance

ARK started selling Grayscale Bitcoin Trust shares connected Oct. 23, 2023, arsenic Bitcoin was reaching $34,000. Before that, ARK’s erstwhile reported GBTC transaction was successful November 2022, erstwhile the firm sold 450,272 GBTC shares.

Related: Grayscale met with SEC to sermon spot Bitcoin ETF details

After selling astir 700,000 GBTC shares implicit the past month, ARK’s ARKW inactive holds $131.8 cardinal worthy of GBTC, oregon much than 4.3 cardinal GBTC shares. As of Nov. 24, Grayscale Bitcoin Trust accounts for 9.2% of ARKW’s portfolio, ranked 3rd aft Coinbase and Roku, according to the authoritative ARKW data.

The ARK Next Generation Internet ETF’s apical 3 holdings by weight. Source: ARK

The ARK ETF that offloaded the funds is up implicit 68% year-to-date compared to the implicit 271% posted by Grayscale’s trust, per Google Finance data.

Meanwhile, Bitcoin is up 125% YTD and neared $38,000 connected Nov. 16, the highest since May 2022, per Cointelegraph Markets Pro.

Additional reporting by Helen Partz.

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