Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Spot

ARK Invest, investor Cathie Wood’s firm, sold 66,342 units of <a href="https://crypto.news/grayscale-bitcoin-trust-discount-high-26-5/">Grayscale Bitcoin Trust (GBTC)</a> for $1.66 million, at a closing price of $25.07 on Oct. 28, 2023. 
The price of Bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) currently sits at $34,434. 
<h2 class="wp-block-heading" id="ark-invest-capitalizes-on-market-recovery">ARK Invest capitalizes on market recovery</h2> 
Recent <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35478416/cathie-wood-dumps-over-6m-grayscale-bitcoin-fund-this-week-as-bitcoin-rallies-about-14-whi" data-type="link" data-id="https://www.benzinga.com/markets/cryptocurrency/23/10/35478416/cathie-wood-dumps-over-6m-grayscale-bitcoin-fund-this-week-as-bitcoin-rallies-about-14-whi" target="_blank" rel="noopener">reports</a> indicate that Wood, who founded ARK Invest in 2014, has been reshaping her portfolio. Wood divested Grayscale Bitcoin Trust (GBTC) shares while acquiring shares in a cryptocurrency-related stock.&nbsp; 
On Oct. 28, the fund <a href="https://markets.businessinsider.com/news/etf/cathie-wood-dumps-over-6m-grayscale-bitcoin-fund-this-week-as-bitcoin-rallies-about-14-while-amassing-12-4m-worth-of-this-crypto-linked-stock-1032750443" target="_blank" rel="noopener">sold</a> 66,342 units of GBTC, amounting to $1.66 million based on the closing price of $25.07.&nbsp; 
This sale aligns with the broader pattern of ARK Invest divesting GBTC shares, involving the sale of approximately $2.5 million in GBTC shares on Oct. 24. 
Ark Invest also sold GBTC shares in three sessions that week. On Oct. 24, around $2.5 million worth of GBTC shares were sold, equivalent to approximately 2% of ARK’s holdings in the trust. The following day, Oct. 25, ARK Invest sold about $1.8 million of GBTC shares for the second consecutive day. These GBTC sales might be connected to the firm’s <a href="https://crypto.news/ark-invest-and-21shares-refine-bitcoin-etf-filing-hint-at-progress/">filing</a> for a Bitcoin-based ETF. 
Additionally, on Oct. 28, ARK Invest invested $12.4 million in a crypto-linked stock, the specific name of which was not disclosed. Besides this, ARK Invest has been actively purchasing shares in other companies. On Oct. 24, the fund acquired $2.4 million worth of shares in the popular trading platform Robinhood (HOOD). 
 You might also like: <a href="https://crypto.news/cathie-woods-ark-reportedly-ahead-in-race-for-btc-etf/"> Cathie Wood’s ARK reportedly ahead in race for BTC ETF </a> 
<h2 class="wp-block-heading" id="crypto-etf-s-breaking-barriers">Crypto ETF’s breaking barriers&nbsp;</h2> 
ARK Invest’s recent actions could be influenced by Bitcoin’s latest rally. The cryptocurrency’s value recently soared, reaching over $35,000 on Oct. 28. 
The spike in Bitcoin’s price is also linked to a recent court ruling in the Grayscale and SEC legal battle and the approval of a spot Bitcoin ETF, which appears imminent, according to experts.&nbsp; 
The U.S. Court of Appeals for the DC Circuit ruling stated that the Securities and Exchange Commission (<a href="https://crypto.news/sec-drops-lawsuit-against-ripple-and-its-execs/">SEC</a>) was mistaken in denying Grayscale, a major crypto investment firm, the opportunity to launch the first Bitcoin exchange-traded fund (ETF). This decision has broader implications, potentially affecting other companies like BlackRock and Fidelity, who are also interested in creating Bitcoin ETFs. 
The ruling, which faced multiple <a href="https://crypto.news/sec-may-refuse-grayscales-bitcoin-etf-despite-court-win/">delays</a>, stemmed from the SEC’s rejection of Grayscale’s application last summer. However, the&nbsp;<a href="https://crypto.news/sec-delays-bitcoin-etf-proposal-seeks-public-input/">denial</a> was based on Grayscale’s inability to address concerns related to potential market manipulation and investor protections. Importantly, the SEC does not intend to <a href="https://crypto.news/sec-finds-spot-bitcoin-etf-applications-lacking-in-details/">challenge</a> the recent court ruling, acknowledging its error in rejecting Grayscale Investments’ application for a spot Bitcoin ETF. 
This legal outcome has narrowed the <a href="https://crypto.news/grayscale-gbtc-discount-hits-2-year-low-as-market-eyes-btc-etf-approval/">discount</a> on Grayscale Bitcoin Trust shares, underscoring the increased importance of the underlying asset’s price. Additionally, the ruling has opened the door for Bitcoin exchange-traded funds, indicating a positive shift in the regulatory landscape. 
ARK Invest, in addition to divesting shares in Grayscale Bitcoin Trust, has been acquiring shares in Robinhood. Notably, Wood has previously expressed <a href="https://crypto.news/ark-invests-cathie-wood-bullish-on-bitcoin-and-ai-intersection/">confidence</a> in Grayscale Investments, recognizing its significance within Barry Silbert’s Digital Currency Group. 
 Read more: <a href=" https://crypto.news/grayscale-makes-new-attempt-for-spot-bitcoin-etf-approval/"> Grayscale makes new attempt for Spot Bitcoin ETF approval </a>

ARK Invest offloads GBTC shares amid Grayscale’s Bitcoin ETF application battle

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