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 <p>ARK Invest is trimming its stake in the Grayscale Bitcoin Trust (GBTC) amid mounting speculation that the long-awaited approval of a spot bitcoin exchange-traded fund (ETF) in the U.S. could come soon.</p>
 <p>According to a recent trade notification viewed by CoinTelegraph, the New York-based asset manager sold 100,739 shares in GBTC worth over $2.5 million from its ARK Next Generation Internet ETF (ARKW).</p>
 <p>This marks ARK’s first reported GBTC transaction since last November when the firm added 450,272 GBTC shares valued at $4.5 million to the fund.</p>
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 <p><strong>Also read: Polygon (MATIC) Price Prediction: October End 2023</strong></p>
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 <h2 class="wp-block-heading" id="h-the-latest-sale-reduces-ark-invest-s-gbtc-stake-to-10-4">The latest sale reduces Ark Invest’s GBTC stake to 10.4%</h2>
 <p>The latest sale reduces Ark Invest’s Grayscale GBTC stake to around 10.4% of the ARKW portfolio’s total assets, down from roughly 12% previously. Even so, GBTC remains ARKW’s largest holding, followed by Coinbase and Roku shares.</p>
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 <p>ARK’s move comes as GBTC hit multi-month highs this week, surging above $24 for the first time since May 2022.&nbsp;Some analysts believe ARK is cutting its GBTC position in anticipation of a spot Bitcoin ETF receiving regulatory approval soon. Both ARK and Grayscale have filed proposals for spot Bitcoin ETFs this month after years of rejections by the SEC.</p>
 <p>The long-running saga over a spot crypto ETF may finally be nearing its conclusion, given growing institutional adoption. SEC approval could open the floodgates to greater mainstream investment in bitcoin.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ark-invest-sells-2-5m-in-grayscale-gbtc-amid-btc-price-surge-tbt67619.html">https://thebittimes.com/ark-invest-sells-2-5m-in-grayscale-gbtc-amid-btc-price-surge-tbt67619.html</a></p>

ARK Invest Sells $2.5M in Grayscale GBTC Amid BTC Price Surge

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