ARK Dumps $28M in Grayscale Bitcoin Shares as BTC Nears $43K

• ARK Continues to Reduce GBTC Shares as Bitcoin Price Nears $43,000
• Remaining GBTC Shares in ARK's Portfolio
• ARK's Profit from GBTC Shares
• Current Bitcoin Market Conditions

ARK Continues to Reduce GBTC Shares as Bitcoin Price Nears $43,000

ARK, under the leadership of Cathie Wood, is further reducing its stake in the Grayscale Bitcoin$42,260 -0.64% Trust (GBTC) as the cryptocurrency approaches the $43,000 mark and the discount on GBTC shares diminishes. Recent disclosure details revealed that the ARK Next Generation Internet ETF (ARKW) sold off 809,441 GBTC shares in a transaction valued at approximately $28 million.

Remaining GBTC Shares in ARK's Portfolio

Following this latest sale, ARK's portfolio holds 3.4 million GBTC shares, equivalent to $117.4 million. This is a substantial decrease from the company's peak holding of around 9 million shares in July 2021.

ARK's Profit from GBTC Shares

The GBTC shares were originally purchased by ARKW at an average cost of $24.08 per share. Given that GBTC is now trading at $34.54, this recent sale has resulted in a profitable outcome for the company.

Current Bitcoin Market Conditions

As per recent market data, Bitcoin is currently trading above $42,900 and has seen an increase of 17% in value over the past 30 days.

Edited by Jonathan Stoker