Cathie Wood’s ARK Sold $6M of Grayscale Bitcoin Trust Shares Amid Rally

Cathie Wood’s ARK Invest sold over 200,000 shares in Grayscale Bitcoin Trust (GBTC) on Nov. 10 as the BTC investment vehicle rallied around 10% last week.

ARK offloaded 201,047 GBTC shares from its Next Generation Internet ETF (ARKW), according to an emailed update. The shares were valued $6.03 million based on Friday’s closing price. GBTC remains the largest holding of ARKW, with a weighting of 9.97% worth about $132 million.

The sale followed smaller transactions totaling about $5.7 million over several days earlier in the week.

GBTC shares rose nearly 10% last week from around $27.35 to just under $30. The trust has rallied nearly 250% in 2023, around double the increase of bitcoin (BTC), which is up around 123% this year.

Grayscale Investments, which is owned by CoinDesk parent DCG, won a legal victory against the U.S. Securities and Exchange Commission in August over the regulator’s rejection of its application to convert GBTC into a spot bitcoin exchange-traded fund (ETF). Last week, the SEC opened talks with Grayscale on the details of its application, in a further boon for chances of a spot ETF being listed in the U.S., one of the major factors in the recent crypto rally.

Read More: Cathie Wood Likes Bitcoin as Both Deflationary and Inflationary Hedge

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