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Grayscale Bitcoin Trust

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 <p class="is-style-lead">ARK Invest, investor Cathie Wood’s firm, sold 66,342 units of Grayscale Bitcoin Trust (GBTC) for $1.66 million, at a closing price of $25.07 on Oct. 28, 2023.</p>
 <p class="is-style-default">The price of Bitcoin (BTC) currently sits at $34,434.</p>
 <h2 class="wp-block-heading" id="ark-invest-capitalizes-on-market-recovery">ARK Invest capitalizes on market recovery</h2>
 <p>Recent reports 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;</p>
 <p>On Oct. 28, the fund sold 66,342 units of GBTC, amounting to $1.66 million based on the closing price of $25.07.&nbsp;</p>
 <p>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.</p>
 <p>Ark Invest also sold GBTC <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> in three sessions that week. On Oct. 24, around $2.5 million worth of GBTC <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> 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 <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> for the second consecutive day. These GBTC sales might be connected to the firm’s filing for a Bitcoin-based ETF.</p>
 <p>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).</p>
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 <h2 class="wp-block-heading" id="crypto-etf-s-breaking-barriers">Crypto ETF’s breaking barriers&nbsp;</h2>
 <p>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.</p>
 <p>The spike in Bitcoin’s price is also linked to a recent court ruling in the Grayscale and SEC legal <a rel="noopener noreferrer nofollow" title="battle" href="https://thebittimes.com/tag/battle.html">battle</a> and the approval of a spot Bitcoin ETF, which appears imminent, according to experts.&nbsp;</p>
 <p>The U.S. Court of Appeals for the DC Circuit ruling stated that the Securities and Exchange Commission (SEC) 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.</p>
 <p>The ruling, which faced multiple delays, stemmed from the SEC’s rejection of Grayscale’s <a rel="noopener noreferrer nofollow" title="application" href="https://thebittimes.com/tag/application.html">application</a> last summer. However, the&nbsp;denial was based on Grayscale’s inability to address concerns related to potential market manipulation and investor protections. Importantly, the SEC does not intend to challenge the recent court ruling, acknowledging its error in rejecting Grayscale Investments’ <a rel="noopener noreferrer nofollow" title="application" href="https://thebittimes.com/tag/application.html">application</a> for a spot Bitcoin ETF.</p>
 <p>This legal outcome has narrowed the discount on Grayscale Bitcoin Trust <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a>, 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.</p>
 <p>ARK Invest, in addition to divesting <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> in Grayscale Bitcoin Trust, has been acquiring <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> in Robinhood. Notably, Wood has previously expressed confidence in Grayscale Investments, recognizing its significance within Barry Silbert’s Digital Currency Group.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Grayscale makes new attempt for Spot Bitcoin ETF approval
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ark-invest-offloads-gbtc-shares-amid-grayscale-s-bitcoin-etf-application-battle-tbt68263.html">https://thebittimes.com/ark-invest-offloads-gbtc-shares-amid-grayscale-s-bitcoin-etf-application-battle-tbt68263.html</a></p>

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

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