ARK Invest Sells its GBTC Shares:
- ARK Invest liquidates its GBTC assets for $200 million.
- ARK Invest invests $100 million in Bitcoin Futures ETF Bito.
- ARK becomes the second-largest holder of Bito.
ARK Invest Sells $200 Million of GBTC
On December 28, ARK Invest, led by Cathie Wood, liquidated its entire holdings in GBTC (Grayscale Bitcoin Trust), valued at over $200 million.
This decision marks a strategic turning point for the company, which previously made GBTC a significant part of its portfolio.
It is worth noting that half of the funds recovered from this sale, approximately $100 million, have been reinvested in the Bitcoin Futures ETF Bito. This move suggests a transition towards investment options that offer greater liquidity. Furthermore, the investment in Bito has propelled ARK Invest to the position of the second-largest holder of this ETF.
In parallel, ARK Invest has also proceeded with the sale of COIN shares from Coinbase. The firm has sold approximately $100 million worth of COIN shares over several days, including over 335,860 shares ($49.2 million) last Friday. This sale comes as the price of Coinbase shares reached its highest level since April 2022.
Furthermore, this selling strategy could reflect a reassessment of cryptocurrency assets in ARK’s portfolio, taking into account changing market dynamics and regulatory prospects surrounding Bitcoin spot ETFs.
Meanwhile, Cathie Wood, a staunch Bitcoin advocate, has expressed cautious optimism about the likelihood of approving such an ETF. She acknowledges that although such approval could lead to short-term price fluctuations, she is convinced that the long-term impact would be positive.
