ARK Invest Reduces Holdings in Grayscale Bitcoin Trust
ARK Investment Management, led by prominent investor Cathie Wood, has sold over 700,000 shares of the Grayscale Bitcoin Trust (GBTC) since October 23. An additional 36,168 shares were offloaded on Wednesday. GBTC provides investors with exposure to Bitcoin in a security format.
Despite Bullish Market, ARK Invest Sells GBTC Shares
This reduction in holdings is significant considering the recent surge in Bitcoin prices, which reached its highest level since May 2022 earlier this month. Despite regulatory uncertainties and actions against key figures in the crypto space, Bitcoin has more than doubled in value this year.
Cathie Wood’s Endorsement of GBTC
Earlier, Cathie Wood endorsed GBTC as her top pick at the Sohn Australia conference. As of September 30, ARK was the fourth-largest holder of GBTC, with 5.6 million shares.
Contrasting Stance on Bitcoin
The reduction in GBTC holdings contradicts Wood’s public stance on Bitcoin. However, ARK’s trading updates indicate active decisions by the management team.
Strong Performance of ARK’s Next Generation Internet ETF
ARK’s Next Generation Internet ETF has shown robust performance throughout the year, outperforming the Nasdaq 100 Index with a 65% increase compared to its 46% advance.
Hot Take: Cathie Wood’s ARK Sells Over 700,000 Shares of Grayscale Bitcoin Trust
ARK Investment Management, led by Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust despite a bullish market for Bitcoin. This decision comes as Bitcoin reaches its highest price since May 2022. Wood previously endorsed GBTC as her top pick and ARK was one of the largest holders of GBTC shares. The reduction in holdings contrasts with Wood’s public stance on Bitcoin, but ARK’s trading updates reflect active decisions by the management team. Despite this, ARK’s Next Generation Internet ETF has shown strong performance throughout the year.
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