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Renowned investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amidst market fluctuations fueled by the expectation of a spot BTC exchange-traded fund (ETF). ARK, led by Bitcoin advocate Cathie Wood, sold 100,739 GBTC shares from the ARK Next Generation Internet ETF in transactions conducted on October 23. The value of the shares was over $2.5 million at the time of writing.
Why Did ARK Sell GBTC?
This notable decision was made as GBTC reached its highest levels in recent months, rising to $24.7 for the first time since May 2022. According to TradingView data, GBTC has seen an increase of over 200% since the beginning of the year, with a 30% increase in the last 30 days.
The sale of GBTC marks the first transaction reported by ARK since November 2022, when the firm added 450,272 GBTC shares worth $4.5 million to ARKW. This recent GBTC sale accounts for approximately 2% of the total GBTC value in ARKW’s portfolio. The transaction’s value as of October 23 is noteworthy at $122.6 million. GBTC remains the largest asset held by ARKW, representing 10.4% of the product’s supply, while Coinbase holds 9% and Roku holds 7.4%.
ETF Applications and ARK’s Strategy
According to Bitcoin advocate Samson Mow, ARK’s recent GBTC sale may be linked to a decision by the U.S. Securities and Exchange Commission (SEC) regarding the firm’s application to list a Bitcoin-based ETF. Following ARK’s amendment of its spot Bitcoin ETF application on October 11, Grayscale submitted a new BTC ETF registration statement to the SEC on October 19. Mow expressed the following statement:
“It makes sense for ARK to sell GBTC now because the spread between the investment vehicle and Bitcoin is decreasing, and their ETF applications are pending.”
Some investors speculate that if ARK receives approval for a spot Bitcoin ETF, the firm will hold its ETF as the first holding in ARKW, leading to the sale of GBTC.
In addition to selling GBTC, ARK sold 32,158 Coinbase (COIN) shares from ARKW and 10,455 COIN shares from the ARK Fintech Innovation fund for a total of $3.4 million. The company continues to accumulate shares of investment firm Robinhood (HOOD) and purchased 32,158 HOOD shares worth $300,000 on October 23.
