ARK Investment Management Cuts Holdings in Grayscale Bitcoin Trust
Despite Cathie Wood’s bullish stance on Bitcoin, her firm ARK Investment Management has been selling shares of the Grayscale Bitcoin Trust. Since October 23, the Ark Next Generation Internet ETF has sold over 700,000 shares of the trust, including 36,168 shares on Wednesday. The Grayscale Bitcoin Trust allows investors to gain exposure to Bitcoin through a security.
These sales come at a time when Bitcoin has been reaching new highs, doubling in value this year despite regulatory actions against crypto founders. However, Ark has not responded to queries about its recent selling activity.
Wood Touts Grayscale Bitcoin Trust as Top Pick
During the Sohn Australia conference at the Sydney Opera House, Cathie Wood named the Grayscale Bitcoin Trust as her top pick. As of September 30, Ark was the fourth largest holder of the trust with 5.6 million units. Ark’s internet ETF has seen a 65% increase this year compared to a 46% advance in the Nasdaq 100 Index.
Hot Take: ARK Investment Management Reduces Exposure to Grayscale Bitcoin Trust
Despite Cathie Wood’s bullish sentiment towards Bitcoin, ARK Investment Management has been reducing its holdings in the Grayscale Bitcoin Trust. This move raises questions about Wood’s true confidence in the cryptocurrency’s future performance. With Bitcoin reaching new highs and doubling in value this year, it is surprising to see ARK selling off its shares. However, without a response from ARK officials regarding their selling activity, it remains uncertain why they have chosen to decrease their exposure to the trust.
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