Bitcoin (BTC) While it was around $43,000, Cathie Wood’s ARK Investment Management LLC (ARK) Grayscale Bitcoin Trust (GBTC) continued its trend of divesting shares, reducing its assets by $28 million.
ARK Sells $28 Million in Grayscale Bitcoin Trust Shares as Bitcoin Nears $43K
According to the latest statements from ARK, the ARK Next Generation Internet ETF (ARKW) sold 809,441 GBTC shares worth approximately $28 million.
After this latest sale, ARK’s shares in GBTC fell to 3.4 million shares worth $117.4 million. This marks a significant decline from peak assets of approximately 9 million shares in July 2021.
ARKW had originally purchased GBTC shares at an average cost of $24.08, and the recent sale turned out to be profitable given GBTC’s current trading price of $34.54.
These strategic moves by ARK underscore the dynamic nature of crypto investments, with institutional players closely monitoring market conditions and adjusting their portfolios to optimize returns.
As Bitcoin continues to gain momentum, the actions of influential investment firms like ARK are being closely watched by the broader financial community.
*This is not investment advice.
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