Is ARK Selling GBTC Shares Due to ETF Anticipation? 🥹
On October 23, ARK, led by Cathie Wood, sold 100,739 Grayscale Bitcoin Trust (#GBTC ) shares from its ARK Next Generation Internet ETF (#ARKW ), totaling $2.5 million.
GBTC had reached multi-month highs, surging over 200% year-to-date and nearly 30% in the past 30 days. This marked ARK's first reported GBTC transaction since November 2022 when they added $4.5 million worth of GBTC shares to ARKW.
GBTC represents 10.4% of ARKW's portfolio, with Coinbase and Roku shares following at 9% and 7.4%. ARK's sale may be tied to awaiting a decision from the #SEC on their Bitcoin-based ETF filing.
If approved, they might prioritize their ETF over GBTC. ARK also sold Coinbase shares but continued to accumulate Robinhood shares.
