During a recent rally, Cathie Wood’s Ark Invest has offloaded 2,147 Grayscale Bitcoin Trust (GBTC) shares, amounting to approximately $6 million. On November 10, as the Bitcoin investment vehicle surged around 10%, Ark sold over 200,000 GBTC shares from its Next Generation Internet ETF.
The total value of the shares was $6.3 million based on the closing price. Despite the sale, GBTC remains the largest holding of Ark, accounting for 9.97% of the portfolio, valued at about $132 million. This move follows smaller transactions totaling approximately $5.7 million earlier in the week.
GBTC shares experienced a nearly 10% rise last week, reaching just under $30. In 2023, the trust has rallied almost 250%, outpacing Bitcoin’s increase of around 123% for the year. In August, Grayscale Investments, owned by CoinDesk parent DCG, secured a legal victory against the U.S. Securities and Exchange Commission.
The SEC rejected its application to convert GBTC into a spot Bitcoin exchange-traded fund (ETF). Last week, the SEC engaged in talks with Grayscale regarding the details of its ETF application, raising hopes for the potential listing of a spot ETF in the U.S., contributing to the recent crypto market rally.
In a recent interview with Morning Star, Cathie said, “We are very optimistic about Bitcoin. One of the markers or milestones this year that surprised everyone was in the United States; we had a regional bank crisis in March. As regional bank stocks plummeted and some went bankrupt, Bitcoin increased from 19,000 to 30,000. What was that? That was a flight to safety.”
She added, “When institutions get the green light, and I think they’re waiting for the SEC, I think that we’re going to see significant participation in this new asset class by institutions.”