– 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.