Last month, Cathie Wood’s ARK Investment Management sold more than 700,000 shares of Grayscale Bitcoin Trust (GBTC). This sale comes at a notable time given the ongoing rise in Bitcoin price and the overall market recovery.
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Crypto investments from ARK
GBTC is a popular choice among institutional investors looking to indirectly invest in Bitcoin. According to data from Google Finance, the ARK Next Generation Internet ETF (ARKW) has sold approximately $1 million worth of GBTC. This happened on November 22nd, the day before Thanksgiving, when Grayscale’s trust was trading at around $30.
ARK Investment Management reportedly conducted this sale in multiple tranches, underscoring its size. These stocks weren’t just limited to GBTC: the fund also sold shares of Coinbase, one of the largest crypto exchanges in the world.
The motivation for the sale is not entirely clear, but some analysts suspect that Cathie Wood may be optimizing her portfolio to take advantage of new opportunities in the rapidly evolving world of cryptocurrencies. This comes after previous reports showed that ARK Investment Management had reduced its exposure to Bitcoin compared to previous quarters.
Notable moment for Bitcoin sales
The timing of the sale is notable as Bitcoin price has recently returned to an uptrend after a period of volatility. Some observers speculate that ARK Investment Management is taking profits given the recent market rally.
In addition, it is noticeable because the founder and CEO of ARK, Cathie Wood, speaks out about the future of Bitcoin: ARK, for example, assumes a Bitcoin price of $600,000. They were also one of the first asset managers to sign up for a Bitcoin spot ETF.
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