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Grayscale Bitcoin Trust

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 <p class="is-style-lead">Cathie Wood’s investment fund Ark Invest has sold all its <a rel="noopener noreferrer nofollow" title="remaining" href="https://thebittimes.com/tag/remaining.html">remaining</a> assets of the Grayscale Bitcoin Trust (GBTC).</p>
 <p>Bloomberg analyst Eric Balchunas reported that half of the proceeds from the GBTC sale, amounting to a significant $100 million, were used to buy the BITO Bitcoin (BTC) futures ETF, launched by ProShares in October 2021. He suggested that the BITO purchase is likely being used as a liquidity bridge tool.</p>
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Today ARK sold its entire <a rel="noopener noreferrer nofollow" title="remaining" href="https://thebittimes.com/tag/remaining.html">remaining</a> $GBTC position (it was ARKW's biggest holding only a month ago) and used half the money $100m-ish to buy $BITO, likely as liq transition tool to keep beta to btc while it legs into $ARKW or $ARKB. End of an era. h/t @DilksJay @funwithnumberz pic.twitter.com/J1i92qcmzo</p>— Eric Balchunas (@EricBalchunas) December 28, 2023
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 <p>However, the deal did not have a significant impact on GBTC shares. At the time of writing, according to the Nasdaq exchange, it is trading at $36.32.</p>
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   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/12/28/f1fb71ed45c009b272091c78fe33d36d.webp.webp">
   <img decoding="async" width="1024" height="501" src="https://cdn.thebittimes.com/images/2023/12/28/f1fb71ed45c009b272091c78fe33d36d.webp" alt="Ark Invest liquidates remaining Grayscale stocks - 1"> 
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   Source: Nasdaq
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 <p>The company liquidated tens of millions of dollars in GBTC shares earlier in December. On Dec. 11, 2023, Ark Invest sold 395,945 GBTC trust shares from Grayscale Investments for $12.85 million.</p>
 <p>Then, on Dec. 18, Ark Invest sold another 809,441 shares of Grayscale Investments’ GBTC Trust for $27.95 million from its Next Generation Internet ETF (ARKW), the largest sale in the company’s history.</p>
 <p>Ark Invest’s recent portfolio adjustments can be seen as a precautionary measure to position itself well while awaiting the approval of spot Bitcoin ETFs. Previously, the head of the company, Cathie Wood, assumed that the funds would receive approval before Jan. 10, 2024. In her opinion, the introduction of spot Bitcoin ETFs will be a catalyst for the growth of the cryptocurrency, especially when institutional investors actively enter the sector.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ark-invest-liquidates-remaining-grayscale-stocks-tbt74970.html">https://thebittimes.com/ark-invest-liquidates-remaining-grayscale-stocks-tbt74970.html</a></p>

Ark Invest liquidates remaining Grayscale stocks

TheBitTimes

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