Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC) even as Wood continues to express a bullish outlook on Bitcoin.

ARK’s Next Generation Internet ETF has sold over 700,000 shares of GBTC since October 23, with an additional 36,168 shares offloaded on Wednesday.

GBTC serves as a means for investors to access Bitcoin exposure in a security format.

Cathie Wood and Ark Invest’s trade activity from today 11/22 pic.twitter.com/NuOunqcA0F

— Ark Invest Daily (@ArkkDaily) November 23, 2023

ARK Invest Sells GBTC Shares Despite Bullish Market

This reduction in holdings is noteworthy given the recent surge in Bitcoin prices, reaching its highest level since May 2022 earlier this month. Despite regulatory uncertainties and actions against key figures in the crypto space, including Binance’s Changpeng “CZ” Zhao and FTX’s Sam Bankman-Fried, Bitcoin has more than doubled in value this year.

Earlier, Cathie Wood endorsed GBTC as her top pick at the Sohn Australia conference held at the Sydney Opera House, as reported by the Australian Financial Review. As of September 30, ARK was the fourth-largest holder of GBTC, possessing 5.6 million shares.

While Wood and ARK’s officials have yet to respond to inquiries about the reduction in GBTC holdings, the move contrasts with Wood’s public stance on Bitcoin.

The daily trading updates from ARK reflect active decisions by the management team, excluding creation or redemption activity influenced by investor flows.

ARK’s Next Generation Internet ETF has displayed robust performance throughout the year, boasting a 65% increase compared to the Nasdaq 100 Index’s 46% advance.



Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision