Ark Investment Sells $1.6 Million Worth of GBTC Shares
Ark Investment Management, led by Cathie Wood, sold $1.6 million worth of Grayscale Bitcoin Trust (GBTC) shares on Wednesday. This move comes as GBTC’s discount to net asset value (NAV) narrows to its lowest level since July 2021.
GBTC Shares and Bitcoin Prices Surge
GBTC shares traded at $35.59 at market close on Wednesday, marking a 6.5% increase for the day and a 19% rise over the past month. Meanwhile, Bitcoin saw a 5% gain yesterday and is up 17% over the past month.
Significant Narrowing of GBTC Discount to NAV
The narrowing of GBTC’s discount to NAV has been notable in recent months, dropping from over 40% in the summer to 7.4% yesterday. This is the smallest discount in around two and a half years, according to YCharts.
About Author
James Hunt is a reporter at The Block based in the UK. He covers various aspects of the crypto industry and keeps readers informed through The Daily newsletter.
Hot Take: Ark Investment’s GBTC Share Sale Reflects Bullish Sentiment
Ark Investment Management’s decision to sell a significant amount of GBTC shares indicates a growing bullish sentiment in the crypto market. As GBTC’s discount to NAV continues to narrow, it suggests increased confidence in Bitcoin’s value and potential for further growth. This move by Ark Investment aligns with recent price surges in both GBTC shares and Bitcoin itself. It will be interesting to see how this trend develops and whether other institutional investors follow suit.
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