ARK Invest Liquidates Grayscale Bitcoin Trust Holdings
ARK Invest, led by Cathie Wood, has sold all of its remaining holdings in the Grayscale Bitcoin Trust (GBTC), amounting to $200 million. GBTC was previously the largest holding in ARK’s Next Generation Internet ETF but has now been completely exited.
Bitcoin Futures ETF: Temporary Pause for ARK?
ARK Invest used approximately $100 million of the proceeds to invest in the ProShares Bitcoin Strategy ETF (BITO). However, this move is seen as a temporary one as ARK prepares to launch its own spot Bitcoin ETF next year.
This decision follows ARK Invest’s gradual divestment of GBTC shares, starting in October. They also divested Coinbase shares as part of their strategic repositioning.
Grayscale’s Strategic Moves Ahead of Bitcoin ETF Verdict
Grayscale Investments made several moves ahead of the potential approval of a Bitcoin ETF. This includes the resignations of Barry Silbert and Mark Murphy and amending their filing for the conversion of GBTC into a spot Bitcoin ETF.
If approved, Grayscale will be competing against established players like Fidelity, BlackRock, and Ark Invest in the Bitcoin ETF space.
Hot Take: ARK Invest Shifts Focus Away from GBTC
ARK Invest’s decision to liquidate its GBTC holdings and invest in a futures Bitcoin ETF is seen as a strategic move while they prepare for their own spot Bitcoin ETF launch. This highlights their anticipation and speculation surrounding the potential approval of trading spot Bitcoin ETFs in the United States.
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