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Home ยป Amid a rally, Cathie Wood’s ARK sold $6 million worth of Grayscale Bitcoin Trust shares.

Amid a rally, Cathie Wood’s ARK sold $6 million worth of Grayscale Bitcoin Trust shares.

201,047 GBTC shares, or approximately $6 million, were sold by ARK from its Next Generation Internet ETF.

by V. Sinclair
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As the Bitcoin investment vehicle rallied around 10% last week, Cathie Wood’s ARK Invest sold over 200,000 shares of Grayscale Bitcoin Trust (GBTC) on November 10.

An email update stated that ARK had sold 201,047 GBTC shares from its Next Generation Internet ETF (ARKW). Based on the closing price on Friday, the shares were valued at $6.03 million. With a 9.97% weighting and a market value of roughly $132 million, GBTC continues to be ARKW’s largest holding.

Earlier in the week, a series of smaller transactions totaling approximately $5.7 million over several days preceded the sale.

Last week, GBTC shares increased by almost 10%, from about $27.35 to just under $30. In 2023, the trust has increased by almost 250%, roughly double the rise of bitcoin (BTC), which has increased by about 123% this year.

Owned by CoinDesk parent DCG, Grayscale Investments prevailed in court in August against the U.S. Securities and Exchange Commission after the agency denied its request to turn GBTC into a spot bitcoin exchange-traded fund (ETF). One of the main drivers of the recent cryptocurrency rally, the possibility of a spot ETF being listed in the United States, was further enhanced last week when the SEC began discussions with Grayscale regarding the specifics of its application.

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