Cathie Wood’s ARK Next Generation Internet ETF (ARKW) has been selling shares of Grayscale Bitcoin Trust (GBTC) and Coinbase (COIN). The sales started in mid-August and have been accelerating recently.
According to CathiesArk.com, an unofficial but reliable source, the number of GBTC shares held by ARKW has been decreasing over time. The peak was reached in July 2021 when they held over 9 million shares. Since then, they have been selling and currently hold around 4.89 million shares.
The situation with COIN shares is different. The all-time high was reached in July 2023 with 1.7 million shares. They have been reducing their exposure since then and currently hold around 1.36 million shares.
ARKW currently holds 10.5% of its assets in GBTC shares and just over 9% in COIN shares. GBTC remains the main asset in the ETF’s basket, followed by COIN and ROKU.
There are speculations that ARK Invest is taking advantage of the bullish sentiment to rebalance its portfolio by selling GBTC shares and increasing exposure to Coinbase and Robinhood shares. The recent decrease in the discount to NAV of GBTC has made it logical for the fund to sell these shares and rebalance its distribution percentages.
Overall, the sales of GBTC and COIN shares by ARKW are part of a strategic portfolio rebalancing move by ARK Invest.
Leo Nomist emerges as a maestro harmonizing the roles of crypto analyst, tenacious researcher, and editorial virtuoso, creating an unparalleled symphony of insight. Amidst the intricate world of digital currencies, Leo’s perspectives resonate like finely tuned chords, capturing the attention of curious minds from diverse horizons. His talent for deciphering complex threads of crypto intricacies blends seamlessly with his editorial finesse, translating intricacy into a captivating composition of understanding. Guiding both intrepid adventurers and inquisitive novices, Leo’s insights serve as a compass for well-informed decision-making amidst the ever-shifting tides of cryptocurrencies. With the artistry of a linguistic virtuoso, they craft narratives that enrich the evolving tapestry of the crypto landscape.