ARK Invest, the institutional asset management firm led by Cathie Wood, has sold its entire remaining holdings of Grayscale Bitcoin Trust (GBTC) worth $200 million. The firm used half of the proceeds to invest in Bitcoin Futures ETF Bito, making it the second-largest holder of Bito. However, analysts believe this move is temporary as ARK Invest seeks a more liquid portfolio.
This is not the first time ARK Invest has offloaded GBTC shares. In October, when the price of Bitcoin reached $34,000, the firm sold $2.5 million worth of GBTC shares. In December, it sold an additional $27.9 million worth of GBTC shares. Alongside the GBTC liquidation, ARK Invest also sold $27.5 million worth of Coinbase shares.
These investment moves come at a crucial time when there is speculation about the approval of a spot Bitcoin ETF. Analysts, including Bloomberg’s Eric Balchunas, give a 99% chance of approval before the January 10, 2024 deadline. ARK Invest CEO Cathie Wood, a well-known Bitcoin advocate, believes the chances of a spot Bitcoin ETF approval are high.
Wood also mentioned that the growing anticipation of spot Bitcoin ETF approval could have a short-term negative impact on the BTC price, but the long-term perspective remains promising.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Cathie Wood, Eric Balchunas |
| Companies | Grayscale Bitcoin Trust (GBTC), ARK Next Generation internet ETF (ARKW), ARK Invest, Bitcoin Futures ETF Bito, Coinbase |
| Currencies | Bitcoin, Coinbase Wrapped Staked ETH, BITO Coin, gbtc |
| Securities | Bito, GBTC, ARKW, Coinbase |
