ARK Invest Sold $5M Worth of Grayscale Bitcoin Trust Shares Last Week
Summary
ARK Invest, under Cathie Wood, sold 163,722 shares in Grayscale Bitcoin Trust (GBTC) last week, earning $5.02 million. This reduces the Next Generation Internet ETF's (ARKW) number of shares for November to 579,077, with earnings of approximately $16.9 million. ARK Invest typically buys crypto-related shares during a dip and sells when the market looks bullish. The discount to GBTC's net asset value reduced to 8.6%, the lowest since July 2021, on signs that a spot Bitcoin ETF may soon be approved in the U.S. This optimism is attributed to Grayscale's meeting with the SEC about changing the trust into a spot ETF.
