ARK Invest Dumps a Massive Amount of GBTC: Largest Sale This year
ARK Invest sells its largest chunk of Grayscale Bitcoin Trust shares this year, dropping Coinbase shares amid market changes.
Cathie Wood’s ARK Invest Continues on their selling spreeas they made this year's largest sell-off of Grayscale Bitcoin Trust shares from their ARKW ETF. This sale reduced ARKW’s GBTC holdings to $112.7 million, which makes about 6.95% of its total value
On Monday, Grayscale's Bitcoin Trust shares dropped by 8.6%, due to a 5.8% fall in Bitcoin's value. Grayscale is making efforts to change their Trust ETF into a spot bitcoin ETF, they are currently awaiting the U.S. Securities and Exchange Commission's decision.
As part of their selling spree, ARK Invest also offloaded $1.88 million worth of Coinbase shares on Monday, following a previous sale of over $100 million of the stock last week.
