Cathie Wood-owned Ark Invest has continued to sell shares of Grayscale Bitcoin Trust (GBTC) as Bitcoin’s value continues to rise. The firm sold 102,672 GBTC shares on Friday, earning $3.65 million from the sale. Ark has been selling GBTC shares since late October as Bitcoin’s price has surged.
Bitcoin has been on a tear this year, gaining nearly 170% in value. It is one of the best-performing financial assets, and investors are hopeful that the SEC will approve a spot exchange-traded fund for the cryptocurrency.
Despite the recent liquidations, GBTC remains the third biggest holding in Ark’s portfolio, accounting for 8.36% of the total. This indicates that Ark still sees value in Bitcoin and believes it will continue to perform well in the future.
It is worth noting that Ark’s selling of GBTC shares does not necessarily indicate a lack of faith in Bitcoin. The firm may be rebalancing its portfolio or taking profits from its Bitcoin investments. It is also possible that Ark is selling GBTC shares to reallocate funds to other investments that it believes will provide better returns.
Investors should keep an eye on Ark’s future moves regarding Bitcoin and GBTC shares. As one of the most prominent investment firms in the cryptocurrency space, Ark’s actions can have a significant impact on market sentiment and prices.
In conclusion, Ark Invest’s continued selling of GBTC shares does not necessarily indicate a lack of faith in Bitcoin. The firm may be taking profits or rebalancing its portfolio. Investors should monitor Ark’s future moves in the cryptocurrency space for further insights into their investment strategy.
