Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week’s Selling To $13M – GRAYSCALE BITCOIN TRUST by Grayscale Bitcoin Trust (BTC) (OTC:GBTC)

Cathie Wood’s Ark Invest has sold more shares of the Grayscale Bitcoin Trust (GBTC), according to a trade disclosure form from the firm. This comes as Bitcoin has been on a tear, gaining nearly 170% this year and becoming one of the best-performing financial assets.

Ark Invest, through its ARK Next Generation Internet ETF (ARKW), sold 102,672 shares of GBTC on Friday, netting the company $3.65 million. This follows a trend of Ark being a seller of GBTC shares since late October as Bitcoin’s price started to rally.

In total, Ark liquidated GBTC holdings worth $12.97 million over the course of the week. Despite these recent liquidations, GBTC remains the third largest holding of ARKW, accounting for 8.36% of the portfolio.

The buoyancy in Bitcoin’s price reflects hopes of the Securities and Exchange Commission (SEC) approving a spot exchange-traded fund (ETF) for the cryptocurrency. If approved, this would open up more avenues for investors to gain exposure to Bitcoin.

It’s worth noting that despite the recent sales, Ark Invest continues to have a significant position in Bitcoin and the cryptocurrency market. Cathie Wood has been a vocal supporter of Bitcoin and has previously stated that she believes the price of the cryptocurrency could reach $500,000.

Investors and market watchers will continue to monitor Ark Invest’s actions in the cryptocurrency space, as Cathie Wood’s firm has gained a reputation for being a leading voice in disruptive technologies and innovative investments.

In conclusion, Ark Invest’s recent sale of GBTC shares indicates a shift in its Bitcoin exposure. While the firm remains a believer in the long-term potential of cryptocurrencies, the recent liquidations suggest that they may be taking profits or reallocating their portfolio. As Bitcoin’s price continues to rise and regulatory developments unfold, the cryptocurrency market remains an area of interest for investors and industry participants.