Rally

Bitcoin

Generation

Grayscale Bitcoin Trust

Cathie Wood’s ARK Invest recently offloaded 201,047 Grayscale Bitcoin Trust (GBTC) shares, valued at approximately $6 million based on Friday’s closing price. 
The shares were sold off from the ARK Invest Next Generation Internet ETF. <a href="https://www.bnnbloomberg.ca/cathie-wood-s-ark-pares-holdings-of-top-pick-bitcoin-trust-1.2002805" rel="noopener noreferrer nofollow">According</a> to Bloomberg data, over 700,000 shares of Bitcoin Trust have been offloaded from this particular fund in the last couple of weeks.
<h2 id="b-ark-invest-cashes-out-on-btc-price-hike-b">Ark Invest Cashes Out on BTC Price Hike</h2>
The sales coincide with the recent price rally of Bitcoin (BTC) which saw the coin reach its highest level since May last year. At the time of this writing, BTC was trading at $37,374.39 with a 0.21% increase within the past 24 hours.&nbsp;
It is worth noting that even with the sales, GBTC is still the largest holding of ARK Invest’s Next Generation Internet ETF, with a weighting of 9.97% valued at $132 million. Aside from GBTC, ARK Invest has stakes in Coinbase (COIN) shares, although it has <a href="https://thecoinrise.com/ark-invest-dumps-135k-coinbase-stocks-worth-12m/" rel="noopener noreferrer nofollow">dumped a reasonable amount of the asset</a> since the beginning of this year.
<h2 id="b-significant-price-spike-for-gbtc-asset-b">Significant Price Spike For GBTC Asset</h2>
ARK Invest CEO Cathie Wood also spoke in favor of GBTC at the Sohn Australia conference held at the Sydney Opera House. On Friday, she declared her long-term confidence in the Trust, adding that it is her top pick.
The GBTC asset has seen a significant price surge in this year, rallying as high as 250%. Only last week, the shares gained 10% and went from $27.35 to just under $30. Plus, a lot of positive developments have been happening in the Grayscale ecosystem since it bagged a legal victory against the U.S. SEC.
<h2 id="b-legal-debacle-overwhelms-binance-b">Legal Debacle Overwhelms Binance</h2>
Bitcoin has been performing surprisingly well amidst the happenings in the industry. Binance CEO Changpeng ‘CZ’ Zhao was hit with an enforcement action by the United States Department of Justice (DOJ) a few days ago. The watchdog previously charged the leading digital asset service provider Binance with money laundering and bank fraud.
Also, there were charges for flouting Know-Your-Customers (KYC) rules and sanctions violations. Therefore, the DOJ <a href="https://thecoinrise.com/us-doj-demands-over-4b-from-binance-to-resolve-probe/" rel="noopener noreferrer nofollow">requested over $4 billion as a settlement</a> to resolve its case with Binance. In less than 24 hours, <a href="https://thecoinrise.com/changpeng-zhao-quits-as-binance-ceo-after-doj-settlement/" rel="noopener noreferrer nofollow">Zhao announced his decision to step down as CEO</a> of the crypto exchange.
The post <a href="https://thecoinrise.com/ark-invest-offloads-gbtc-shares-amidst-bitcoin-price-rally/" rel="noopener noreferrer nofollow">ARK Invest Offloads GBTC Shares Amidst Bitcoin Price Rally</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

ARK Invest Offloads GBTC Shares Amidst Bitcoin Price Rally

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