ARK Invest Offloads 700K Grayscale Bitcoin Trust Shares Amidst BTC's Historical Highs
Summary:
ARK Invest, managed by Cathie Wood, has reportedly sold approximately 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, despite Bitcoin's surge to a 17-month high. ARKW still holds more than $131.8 million worth of GBTC, making up 9.2% of its portfolio. Meanwhile, Bitcoin's value has grown by 125% year-to-date, reaching almost $38,000 mid-November, its highest since May 2022.
In the last month, ARK Invest, managed by Cathie Wood, has reportedly offloaded approximately 700,000 shares in the Grayscale Bitcoin Trust (GBTC). This move came unexpectedly as Bitcoin (BTC) soared to a 17-month peak, fuelled by anticipation surrounding a potential Bitcoin exchange-traded fund (ETF).
As per the latest trading data provided by ARK to Cointelegraph, ARK Next Generation Internet ETF (ARKW) shed 36,168 GBTC shares on November 22, cumulatively selling 697,768 GBTC shares since October 23. At approximately $30 per share, ARKW divested nearly $1 million worth of GBTC while Grayscale's Trust traded around $30.50 when the market closed on November 22.
On October 23, 2023, ARK initiated the sale of Grayscale Bitcoin Trust shares when Bitcoin was valued at around $34,000. Prior to this, the last recorded GBTC transaction by ARK was in November 2022, when the firm unloaded 450,272 GBTC shares.
Despite disposing close to 700,000 GBTC shares in the last month, ARKW still has a holding worth about $131.8 million, translating to over 4.3 million GBTC shares. As of November 24, GBTC constitutes 9.2% of ARKW's portfolio, lagging behind Roku and Coinbase, based on official ARKW data.
For the year to date, the ARK ETF, which sold the assets, has soared over 68%, relatively lower than the over 271% experienced by Grayscale's Trust, according to Google Finance data. Concurrently, Bitcoin has appreciated 125% year to date and reached almost $38,000 on November 16, marking its highest value since May 2022, as quoted by Cointelegraph Markets Pro.
Helen Partz contributed additional reporting.
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Published At
11/24/2023 9:26:24 AM
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