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An exchange-traded fund (ETF) managed by Cathie Wood\u2019s ARK Invest has reportedly liquidated all of its holdings in crypto giant Grayscale\u2019s flagship Bitcoin (BTC<\/a>) trust product.<\/p>\n According to Bloomberg, the ARK Next Generation Internet ETF unloaded <\/a>its remaining 2.25 million shares of the Grayscale Bitcoin Trust (GBTC) on Wednesday.<\/p>\n Wood\u2019s fund also accumulated 4.32 million shares of the ProShares Bitcoin Strategy ETF for BTC futures exposure on the same day.<\/p>\n The development comes amid optimism that the U.S. Securities and Exchange Commission (SEC) will finally approve the first US spot Bitcoin ETF on January 10th.<\/p>\n The SEC previously rejected Grayscale\u2019s bid to convert GBTC into a spot Bitcoin ETF, prompting the company to file<\/a> a lawsuit. In August, a federal judge ruled<\/a> that the securities watchdog should reconsider the application to avoid arbitrariness and inconsistency.<\/p>\n Citing a statement from Wood, Bloomberg reports that the ARK Next Generation Internet ETF completely disposed of its GBTC holdings \u201cout of an abundance of caution\u201d in case the SEC decides to deny the trust\u2019s conversion to a spot market BTC ETF.<\/p>\n Says Wood,<\/p>\n \u201cWe don\u2019t know exactly who\u2019s going to be approved and whether they\u2019ve met all the criteria that the SEC has put before us. We\u2019re as optimistic about Bitcoin as we\u2019ve ever been.\u201d\u00a0\u00a0<\/em><\/p>\n Earlier this month, Grayscale CEO Michael Sonnenshein said<\/a> that the approval of a spot-based Bitcoin ETF would open the doors to investors in the $30 trillion advised market to get BTC exposure.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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