Cathie Wood's ARK Investment Reduces Position in Grayscale Bitcoin Trust

Cathie Wood's ARK Investment has recently trimmed its holdings in the Grayscale Bitcoin Trust (GBTC), selling close to 700,000 shares within a month. Despite the selloff, ARK's Next Generation Internet ETF, known as ARKW, maintains a substantial position in GBTC with 4.3 million shares valued at $131.8 million.

ARK's Position Adjustments Amid Bitcoin's Highs

During a period when Bitcoin soared to 17-month records, prompted by speculation about the potential approval of a spot Bitcoin exchange-traded fund (ETF), ARK divested 697,768 GBTC shares. The most recent sale included a transaction on November 22, where ARKW sold 36,168 shares of GBTC. This move came as GBTC was trading near $30, concluding the day at $30.50, according to available financial data.

Since ARK started liquidating GBTC shares on October 23, 2023, Bitcoin's value had surged, reaching $34,000. Prior to the October selling spree, ARK's last reported GBTC transaction occurred in November 2022 with the sale of 450,272 GBTC shares.

ARKW Portfolio Still Bullish on GBTC

The ARKW ETF, despite the recent sales, still holds a strong position in the Grayscale Bitcoin Trust. GBTC constitutes 9.2% of the portfolio, ranked as the third-largest holding following investments in Coinbase and Roku. The trust represents a significant portion of ARKW's investments, underscoring ARK's ongoing confidence in Bitcoin-related assets.

In relation to performance, ARKW has gained over 68% year-to-date, while GBTC has seen an increase exceeding 271%. Bitcoin itself has had a substantial year with a 125% climb year-to-date and nearly touched the $38,000 mark in mid-November, a peak not seen since May 2022.

ARK, GBTC, Bitcoin