In an important move reflecting market dynamics, investment company ARK Invest, led by Cathie Wood, made a significant sale of Grayscale Bitcoin Trust (GBTC) shares.
ARK Invest Led by Cathie Wood Sells Nearly $13 Million in Grayscale Bitcoin Trust Shares
The sale, valued at approximately $12.85 million, was made through ARK Invest's Next Generation Internet (ARKW) exchange-traded fund (ETF). This transaction represents ARK Invest's largest GBTC share sale in over a year.
The sale includes 395,945 GBTC shares from the ARKW fund, leaving assets worth approximately $112.7 million. This asset constitutes a weight of 6.95% in the fund.
ARK Invest follows a strategy where individual assets in its ETFs are managed to not exceed 10% of the fund's total market value.
On Monday, the value of Grayscale's Bitcoin investment vehicle GBTC fell 8.6% to $32.46. This drop follows a 5.8% drop in the value of Bitcoin, the largest cryptocurrency by market value.
Grayscale, a leading digital asset manager, is actively working to convert its Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF) in January.
The US Securities and Exchange Commission (SEC) is expected to make a decision on Grayscale's application, along with the applications of 13 other companies, in the early months of next year.
*This is not investment advice.
