Cathie Wood’s ARK Invest has been actively adjusting its investment portfolio, notably by selling a substantial number of shares in the Grayscale Bitcoin Trust (GBTC) over the past month. This move comes even as Bitcoin experienced a significant surge, reaching 17-month highs, partly driven by the anticipation of a potential spot Bitcoin exchange-traded fund (ETF).
According to data observed by Cointelegraph, the ARK Next Generation Internet ETF (ARKW) sold 36,168 GBTC shares on November 22. This sale is part of a larger trend, with ARKW offloading a total of 697,768 GBTC shares since October 23. On November 22, when ARKW sold these shares, Grayscale’s trust was trading around $30, closing the day at $30.50, according to Google Finance data. It’s noteworthy that the U.S. markets were closed the following day for Thanksgiving.
ARK’s decision to start selling shares of the Grayscale Bitcoin Trust began on October 23, 2023, coinciding with Bitcoin’s climb to around $34,000. Prior to this recent series of transactions, ARK’s last reported sale of GBTC shares was in November 2022, when the firm sold 450,272 shares.
Despite these sales, ARK’s ARKW still holds a significant stake in GBTC, valued at approximately $131.8 million. This equates to more than 4.3 million GBTC shares. As of November 24, the Grayscale Bitcoin Trust represents 9.2% of ARKW’s portfolio, ranking as the third-largest holding behind Coinbase and Roku, based on the official ARKW data.
In terms of performance, the ARK ETF that sold the GBTC shares has seen an increase of over 68% year-to-date. This is in contrast to the over 271% gain posted by Grayscale’s trust in the same period, as per Google Finance data.
Meanwhile, Bitcoin itself has had a strong year, with a 125% increase year-to-date. The cryptocurrency reached nearly $38,000 on November 16, marking its highest point since May 2022, according to Cointelegraph Markets Pro. This activity in the cryptocurrency market, particularly Bitcoin’s performance and the anticipation around a Bitcoin ETF, continues to be a point of interest for investors and market analysts alike.
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