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Cathie Wood’s ARK Invest has sold 809,441 Grayscale Bitcoin Trust (GBTC) shares ahead of the likely approval of spot Bitcoin exchange-traded funds (ETFs) in the US next month.
The recent sale, valued at around $28 million, is the largest one in years. The investment firm now holds 3.4 million GBTC shares, worth around $117 million. The current holdings are a massive drop from the around 9 million GBTC shares held by ARK in July 2021.
ARK purchased these shares at an average cost of $24.08, giving it a 43% profit as GBTC currently trades at $34.54, according to TradingView. GBTC shares recently hit a 52-week high of $36.23, with the year-to-date gains at over 300%.
The GBTC discount to Bitcoin’s net asset value has narrowed significantly after Bitcoin’s 17% gain over the last 30 days. Bitcoin was trading above $43,000 at 06:30 EST.
Bitcoin has been rallying as analysts predict a 90% chance for approval of a spot Bitcoin ETF by January 10.
ARK Bets On Jack Dorsey’s Block As It Dumps GBTC and COIN
ARK Invest started selling GBTC shares on October 23 amid speculation around the approval of a spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) next month.
In December alone, ARK has sold GBTC shares four times. On December 11, it sold 395.945 GBTC shares worth $13 million. On December 13, it sold 45,864 shares worth $1.6 million; on December 15, it sold another 12,000 shares worth $420,000.
GBTC remains the third-largest asset on the ARK Next Generation Internet ETF (ARKW) portfolio.
ARK has also been cashing in on Coinbase shares. ARK sold $42.6 million worth of $COIN stock after the shares reached a 20-month high.
Amid the GBTC and COIN selloffs, ARK is buying shares in Jack Dorsey’s fintech firm, Block. On December 18, it purchased 347,692 Block (SQ) shares worth over $27 million.
Also Read
- Cathie Wood’s Ark Invest Cashes In On Coinbase As Shares Hit 20-Month High
- Cathie Wood’s Ark Invest Offloads $5.8 Million Coinbase And GBTC Shares Even As Bitcoin Soars
- Ark Invest CEO Hopeful Multiple Bitcoin Spot ETFs will Receive Approval Simultaneously
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