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Cathie Wood’s Ark Invest has sold additional Coinbase shares worth around $27.6 million, liquidated its entire Grayscale Bitcoin Trust holdings valued at $200 million, and bought $92 million worth of ProShares Bitcoin Strategy ETF (BITO).
The ARK Next Generation Internet ETF (ARKW) has now sold more than $200 million worth of $COIN stock over the past month as it takes profits after $COIN’s more than 400% surge so far this year.
Ark Invest Dumps GBTC Holdings, Buys BITO
ARKW started dumping its Grayscale Bitcoin Trust holdings in October at the onset of Bitcoin’s bull run. During the month, it sold 100,739 GBTC shares worth around $2.5 million at the time.
On December 19, the firm sold an additional 809,441 GBTC shares valued at $27.9 million. On December 28, it liquidated its remaining GBTC holdings worth $200 million.
Ark Invest then used proceeds of the sales to purchase the BITO Bitcoin futures ETF. According to Bloomberg ETF analyst Eric Balchunas, buying BITO is temporary as the investment firm looks for another investment.
Today ARK sold its entire remaining $GBTC position (it was ARKW's biggest holding only a month ago) and used half the money $100m-ish to buy $BITO, likely as liq transition tool to keep beta to btc while it legs into $ARKW or $ARKB. End of an era. h/t @DilksJay @funwithnumberz pic.twitter.com/J1i92qcmzo
— Eric Balchunas (@EricBalchunas) December 28, 2023
Ark Invest is now the second-largest holder of the BITO Bitcoin futures ETF.
Wood has been rebalancing its fund weightings amid anticipation about the potential approval of spot Bitcoin ETFs.
While speaking with Yahoo Finance, Cathie Wood predicted that a Bitcoin ETF approvals will harm Bitcoin’s price in the short term as investors “sell on the news.”
.@CathieDWood believes SEC approval of the spot $BTC ETFs will give "the green light for institutional investors to participate.” pic.twitter.com/AzxPPox3S5
— Yahoo Finance (@YahooFinance) December 26, 2023
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