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