🛑 THIS MULTI-BILLION DOLLAR INVESTOR JUST DUMPED ALL ITS GRAYSCALE $BTC EXPOSURE

- @CathieDWood’s #ArkInvest which manages nearly $7 billion according to online sources, has just finished selling its entire stacks of @Grayscale’s #Bitcoin   trust $GBTC.

- The sale on December 28 raked in a full $200 million but initial sales date back to October 2023.

- The news comes just hours after Cathie Wood, the firm’s CEO and founder, made clear her belief that approval of a spot #BTC ETF in January would be a ‘sell the news’ type event, potentially leading to a short term reduction in the price of BTC.

- Of the $200 million gained from its today sale, some $100 million has been allocated to $BITO - a Bitcoin futures ETF.

- However, analysts believe that this is only a short term deployment for the firm.

ARK Sells $COIN as well…

- Recent months have also seen the investing giant offload swathes of @Coinbase’ $COIN stock and today is no different.

- Reports also suggest that ARK Invest dumped some $27.6 million worth of Coinbase.

- That said, and though the fund no longer holds any $GBTC, #coinbase remains its biggest position, currently occupying around 12% of its portfolio, in spite of recent sales.