Source: Ark Invest / Instagram
ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC) even as Wood continues to express a bullish outlook on Bitcoin.
ARK’s Next Generation Internet ETF has sold over 700,000 shares of GBTC since October 23, with an additional 36,168 shares offloaded on Wednesday.
GBTC serves as a means for investors to access Bitcoin exposure in a security format.
Cathie Wood and Ark Invest’s trade activity from today 11/22 pic.twitter.com/NuOunqcA0F
— Ark Invest Daily (@ArkkDaily) November 23, 2023
ARK Invest Sells GBTC Shares Despite Bullish Market
This reduction in holdings is noteworthy given the recent surge in Bitcoin prices, reaching its highest level since May 2022 earlier this month. Despite regulatory uncertainties and actions against key figures in the crypto space, including Binance’s Changpeng “CZ” Zhao and FTX’s Sam Bankman-Fried, Bitcoin has more than doubled in value this year.
Earlier, Cathie Wood endorsed GBTC as her top pick at the Sohn Australia conference held at the Sydney Opera House, as reported by the Australian Financial Review. As of September 30, ARK was the fourth-largest holder of GBTC, possessing 5.6 million shares.
While Wood and ARK’s officials have yet to respond to inquiries about the reduction in GBTC holdings, the move contrasts with Wood’s public stance on Bitcoin.
The daily trading updates from ARK reflect active decisions by the management team, excluding creation or redemption activity influenced by investor flows.
ARK’s Next Generation Internet ETF has displayed robust performance throughout the year, boasting a 65% increase compared to the Nasdaq 100 Index’s 46% advance.
The post Cathie Wood’s ARK Sells Over 700,000 Shares of Grayscale Bitcoin Trust in Past Month appeared first on Cryptonews.
