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ARK Sells Grayscale Bitcoin Trust Shares as BTC Reaches $34K, Led by Cathie Wood

ARK Sells Grayscale Bitcoin Trust Shares as BTC Reaches $34K, Led by Cathie Wood

– The Grayscale Bitcoin Trust (GBTC) is the largest asset held by the ARK Next Generation Internet ETF, accounting for over 10% of its portfolio.

– ARK, headed by Cathie Wood, sold 100,739 GBTC shares ($2.5 million) from its ARKW fund on October 23.

– This sale comes as GBTC reaches multimonth highs, surging over 200% year-to-date and nearly 30% in the past 30 days.

– The latest GBTC sale represents about 2% of all GBTC value in ARKW’s portfolio, amounting to $122.6 million.

– ARK’s decision to sell GBTC shares may be related to its pending Bitcoin-based ETF filing and Grayscale’s new BTC ETF registration statement with the SEC.

– Some traders speculate that if ARK is approved for a spot Bitcoin ETF, it would replace GBTC as the top holding in ARKW.

– In addition to selling GBTC, ARK also sold Coinbase shares and added Robinhood shares to its portfolio.

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