Ark Invest Sells Remaining GBTC Stocks
As the deadline for the SEC’s expected approval of the spot Bitcoin ETF approaches, Ark Invest, Cathie Wood’s asset management firm, has sold all its remaining stocks of Grayscale Bitcoin Trust (GBTC). This move may be a way for Ark Invest to adjust its portfolio ahead of the potential approval of the Bitcoin ETF or to protect against market corrections before the deadline.
In December 2023, Ark Invest sold 398,383 GBTC shares worth over $14 million. Additionally, top executives at Coinbase also sold around 250,000 COIN shares in a matter of days.
Cathie Wood Optimistic About SEC Approval
Cathie Wood expressed optimism about the SEC’s discussions on Bitcoin ETF filings. She described the meetings as encouraging and positive, with thoughtful and technical questions being asked. While there are concerns about cash redemption models, it remains to be seen if the SEC will set a single launch date for all approved ETF applicants.
Hot Take: Ark Invest Selling GBTC Stocks Ahead of Potential ETF Approval
The offloading of crypto stocks continues as the deadline for the SEC’s potential approval of the spot Bitcoin ETF draws near. Ark Invest’s decision to sell all its remaining GBTC stocks could be a strategic move to align its portfolio with the anticipated approval or to mitigate risks associated with market corrections. This highlights the cautious approach taken by institutional investors as they navigate the evolving crypto landscape and regulatory environment.
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