{"id":180070,"date":"2023-10-24T17:44:38","date_gmt":"2023-10-24T12:14:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=180070"},"modified":"2023-10-24T17:44:38","modified_gmt":"2023-10-24T12:14:38","slug":"cathie-woods-ark-sells-grayscale-bitcoin-trust-shares-as-btc-hits-34k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/cathie-woods-ark-sells-grayscale-bitcoin-trust-shares-as-btc-hits-34k-crypto-news\/","title":{"rendered":"Cathie Wood\u2019s ARK sells Grayscale Bitcoin Trust shares as BTC hits $34K – Crypto News"},"content":{"rendered":"

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Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a market surge fueled by anticipation<\/a> of a spot BTC exchange-traded fund (ETF).<\/p>\n

On Oct. 23, ARK \u2014 headed by pro-Bitcoin (BTC<\/a>) investment veteran Cathie Wood<\/a>\u00a0\u2014 sold 100,739 GBTC shares ($2.5 million) from its ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph.<\/p>\n

The transaction comes as GBTC touched multimonth highs, reaching $24.7 for the first time since May 2022. According<\/a> to data from TradingView, GBTC has surged more than 200% year-to-date and is up nearly 30% over the past 30 days.<\/p>\n

The GBTC sale marks ARK\u2019s first officially reported GBTC transaction since November 2022, when the firm added 450,272 GBTC shares<\/a> worth $4.5 million to ARKW.<\/p>\n

The latest GBTC sale amount accounts for about 2% of all GBTC value in ARKW\u2019s portfolio, or $122.6 million as of Oct. 23. GBTC is the largest asset held by ARKW, accounting for 10.4% of the product\u2019s exposure, with Coinbase and Roku\u2019s shares following with 9% and 7.4%, respectively.<\/p>\n

The ARK Next Generation Internet ETF\u2019s top three holdings by weight. Source: ARK<\/em><\/figcaption><\/figure>\n

According to Bitcoin advocate Samson Mow, ARK\u2019s latest GBTC sale may be linked to the firm awaiting a decision from the United States Securities and Exchange Commission (SEC) regarding its filing to list a Bitcoin-based ETF. Grayscale filed a new BTC ETF registration statement<\/a> with the SEC on Oct. 19, a few days after ARK amended its spot Bitcoin ETF filing<\/a> on Oct. 11.<\/p>\n

\u201cIt makes sense for ARK to sell GBTC now as the discount is getting lower and they have their own ETF filing pending,\u201d Mow told Cointelegraph.<\/p>\n

Related: <\/em><\/strong>Grayscale files for new spot Bitcoin ETF on NYSE Arca<\/em><\/strong><\/a><\/p>\n

Some online traders have also speculated that if ARK is approved for a spot Bitcoin ETF, the firm would likely put its ETF as the first holding in ARKW and dump GBTC.<\/p>\n

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$ARKW<\/a> is the largest owner of $GBTC<\/a> by WEIGHT at 8.36%. So @JSeyff<\/a> : If ARK is approved for a Spot Bitcoin ETF, they would likely put that ETF at the #1 holding in ARKW and dump GBTC. There is some obscure rule that if ARK sells GBTC, they have to pay out Capital Gains on it like\u2026 pic.twitter.com\/LLv7lDa065<\/a><\/p>\n

\u2014 Jay Dilks (@DilksJay) October 14, 2023<\/a><\/p><\/blockquote>\n

ARK did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n

Apart from selling GBTC, ARK also sold 32,158 Coinbase shares from ARKW and 10,455 Coinbase shares from its ARK Fintech Innovation fund for a total of $3.4 million. The investment firm has continued stacking Robinhood shares, adding 32,158 worth $300,000 to ARKW on Oct. 23.<\/p>\n

Magazine: <\/em><\/strong>Magazine: How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a market surge fueled by anticipation of a spot BTC exchange-traded fund (ETF). On Oct. 23, ARK \u2014 headed by pro-Bitcoin (BTC) investment veteran Cathie Wood\u00a0\u2014 sold 100,739 GBTC shares ($2.5 million) from its ARK Next Generation Internet ETF (ARKW), according to a trade […]<\/p>\n","protected":false},"author":2,"featured_media":180071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-180070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=180070"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180070\/revisions"}],"predecessor-version":[{"id":180073,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/180070\/revisions\/180073"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/180071"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=180070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=180070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=180070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}