Bitcoin ETF

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<div class="insidebitcoins">
 <p>Cathie Wood’s ARK Invest has sold 809,441 Grayscale Bitcoin Trust (GBTC) shares ahead of the likely approval of spot Bitcoin exchange-traded funds (ETFs) in the US next month.</p>
 <p>The recent sale, valued at around $28 million, is the largest one in years. The investment firm now holds 3.4 million GBTC shares, worth around $117 million. The current holdings are a massive drop from the around 9 million GBTC shares held by ARK in July 2021.</p>
 <p>ARK purchased these shares at an average cost of $24.08, giving it a 43% profit as GBTC currently trades at $34.54, according to TradingView. GBTC shares recently hit a 52-week high of $36.23, with the year-to-date gains at over 300%.</p>
 <figure id="attachment_466686" aria-describedby="caption-attachment-466686" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-466686 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201273%20543'%3E%3C/svg%3E" alt="TradingView: GBTC 1-day chart" width="1273" height="543" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 1273w, https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 300w, https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 1024w, https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 768w" data-lazy-sizes="(max-width: 1273px) 100vw, 1273px" data-lazy-src="https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp">
  <noscript><img decoding="async" class="wp-image-466686 size-full" src="https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp" alt="TradingView: GBTC 1-day chart" width="1273" height="543" srcset="https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 1273w, https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 300w, https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 1024w, https://cdn.thebittimes.com/images/2023/12/19/bbf50d944d23fb33cfa0a2e40c0b5a82.webp 768w" sizes="(max-width: 1273px) 100vw, 1273px">
  </noscript>
  <figcaption id="caption-attachment-466686" class="wp-caption-text">
   TradingView: GBTC 1-day chart
  </figcaption>
 </figure>
 <p>The GBTC discount to Bitcoin’s net asset value has narrowed significantly after Bitcoin’s 17% gain over the last 30 days. Bitcoin was trading above $43,000 at 06:30 EST.</p>
 <p>Bitcoin has been rallying as analysts predict a 90% chance for approval of a spot Bitcoin ETF by January 10.</p>
 <h2 id="ark-bets-on-jack-dorsey-s-block-as-it-dumps-gbtc-and-coin">ARK Bets On Jack Dorsey’s Block As It Dumps GBTC and COIN</h2>
 <p>ARK Invest started selling GBTC shares on October 23 amid speculation around the approval of a spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) next month.</p>
 <p>In December alone, ARK has sold GBTC shares four times. On December 11, it sold 395.945 GBTC shares worth $13 million. On December 13, it sold 45,864 shares worth $1.6 million; on December 15, it sold another 12,000 shares worth $420,000.</p>
 <p>GBTC remains the third-largest asset on the ARK Next Generation Internet ETF (ARKW) portfolio.</p>
 <p>ARK has also been cashing in on Coinbase shares. ARK sold $42.6 million worth of $COIN stock after the shares reached a 20-month high.</p>
 <p>Amid the GBTC and COIN selloffs, ARK is buying shares in Jack Dorsey’s fintech firm, Block. On December 18, it purchased 347,692 Block (SQ) shares worth over $27 million.</p>
 <h3 id="also-read">Also Read</h3>
 <ul>
  <li>Cathie Wood’s Ark Invest Cashes In On Coinbase As Shares Hit 20-Month High</li>
  <li>Cathie Wood’s Ark Invest Offloads $5.8 Million Coinbase And GBTC Shares Even As Bitcoin Soars</li>
  <li>Ark Invest CEO Hopeful Multiple Bitcoin Spot ETFs will Receive Approval Simultaneously</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cathie-wood-s-ark-invest-sells-28-million-gbtc-shares-ahead-of-likely-spot-bitcoin-etf-approvals-next-month-tbt74185.html">https://thebittimes.com/cathie-wood-s-ark-invest-sells-28-million-gbtc-shares-ahead-of-likely-spot-bitcoin-etf-approvals-next-month-tbt74185.html</a></p>
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Cathie Wood’s ARK Invest Sells $28 Million GBTC Shares Ahead Of Likely Spot Bitcoin ETF Approvals Next Month

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