Ark Invest Offloads GBTC Shares As Bitcoin Spot ETF Brews On Horizon
Summary
Ark Investment Management, led by Cathie Wood, has sold off its entire Grayscale Bitcoin Trust (GBTC) holdings ahead of the Bitcoin Spot ETF application deadline. They used half of the proceeds to purchase ProShares Bitcoin Strategy ETF (BITO), indicating a shift in investment strategy. This move is likely to serve as a transition tool before launching their own Bitcoin spot ETFs. Grayscale has updated its Bitcoin spot ETF filing to only accept cash orders, aiming to maintain its leadership in the BTC spot ETF race.
