700K GBTC Shares Sold by Cathie Wood’s ARK in One Month

ARK Invest Offloads Grayscale Bitcoin Trust Shares

Cathie Wood’s investment firm, ARK Invest, has unloaded a total of 697,768 Grayscale Bitcoin Trust (GBTC) shares in the past month, even as Bitcoin (BTC) traded at 17-month highs amid speculation of a potential Bitcoin exchange-traded fund (ETF).

ARK Invest’s Next Generation Internet ETF (ARKW) sold 36,168 GBTC shares on Nov. 22, as the Grayscale trust traded around $30 per share, according to data seen by Cointelegraph. United States markets were closed on Nov. 23 for Thanksgiving.

The crypto trading activity began on Oct. 23, 2023, when ARK started selling GBTC shares as Bitcoin was heading toward $34,000. Before that, ARK’s previous reported GBTC transaction was in November 2022, when the firm sold 450,272 GBTC shares.

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ARKW’s portfolio has been significantly impacted by the recent sale of nearly 700,000 GBTC shares, with the fund still holding $131.8 million worth of GBTC, or more than 4.3 million GBTC shares. According to official ARKW data, Grayscale Bitcoin Trust accounts for 9.2% of ARKW’s portfolio, making it the third largest holding behind Coinbase and Roku.

The ARK ETF that offloaded the funds has seen impressive returns this year, with its YTD gains sitting at 68%, outperforming the 271% posted by Grayscale’s trust, according to Google Finance data.

Bitcoin has also seen a strong 2020, with the price currently sitting at around $38,000, the highest it has been since May 2022, as reported by Cointelegraph Markets Pro.

Additional reporting by Helen Partz.