Cathie Wood’s ARK sells Grayscale Bitcoin Trust shares as BTC hits $34K

On Oct. 23, ARK– headed by pro-Bitcoin (BTC) investment veteran Cathie Wood — sold 100,739 GBTC shares ($ 2.5 million) from its ARK Next Generation Internet ETF (ARKW), according to a trade alert seen by Cointelegraph.The transaction comes as GBTC touched multimonth highs, reaching $24.7 for the first time considering that May 2022. According to data from TradingView, GBTC has actually surged more than 200% year-to-date and is up nearly 30% over the past 30 days.The GBTC sale marks ARKs very first formally reported GBTC deal considering that November 2022, when the company added 450,272 GBTC shares worth $4.5 million to ARKW.The newest GBTC sale amount accounts for about 2% of all GBTC value in ARKWs portfolio, or $122.6 million as of Oct. 23.” It makes sense for ARK to offer GBTC now as the discount rate is getting lower and they have their own ETF filing pending,” Mow informed Cointelegraph.Related: Grayscale submits for brand-new area Bitcoin ETF on NYSE ArcaSome online traders have likewise hypothesized that if ARK is approved for a spot Bitcoin ETF, the company would likely put its ETF as the first holding in ARKW and dump GBTC.

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ARK did not immediately react to Cointelegraphs ask for comment.Apart from selling GBTC, ARK likewise sold 32,158 Coinbase shares from ARKW and 10,455 Coinbase shares from its ARK Fintech Innovation fund for a total of $3.4 million. The investment firm has actually continued stacking Robinhood shares, including 32,158 worth $300,000 to ARKW on Oct. 23. Magazine: Magazine: How to secure your crypto in an unstable market– Bitcoin OGs and experts weigh in