ARK Sells $28M Grayscale Bitcoin Trust Shares as Bitcoin Nears $43K
Summary
ARK Investment Management, led by Cathie Wood, has reduced its holdings of the Grayscale Bitcoin Trust (GBTC), selling 809,441 shares worth about $28 million from ARK Next Generation Internet ETF (ARKW). After this sale, the firm now holds 3.4 million GBTC shares valued at approximately $117.4 million, which is a decrease from 9 million shares in July 2021. ARKW originally acquired the GBTC shares at an average cost of $24.08, so the sale represents a profit since GBTC is currently trading for $34.54. Bitcoin currently trades above $42,900, experiencing a 17% increase over the past 30 days.
