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ARK Sells $28M GBTC Shares as Bitcoin Nears $43K

Jonathan Wong

Jonathan Wong

18 December 2023

As Bitcoin nears the $43,000 mark, Cathie Wood's ARK continues shedding Grayscale Bitcoin Trust (GBTC) holdings. The ARK Next Generation Internet ETF (ARKW) recently sold 809,441 GBTC shares for nearly $28 million, reducing its total GBTC ownership to 3.4 million shares ($117.4 million).

ARK's latest sale marks a significant decline from its peak of over 9 million GBTC shares in July 2021. The move suggests a strategic adjustment in response to the closing GBTC discount and Bitcoin's current market dynamics.

According to CoinDesk Indicies, Bitcoin's price has surged by 17% in the last 30 days, currently exceeding $42,900. ARK's decision to sell GBTC shares indicates a dynamic approach to managing its crypto portfolio in the evolving market.

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