ARK Invest Sells Off $13M in Grayscale Bitcoin Trust Shares: Cathie Wood's Move

• ARK Invest Sells $12.85 Million Worth of Grayscale Bitcoin Trust Shares
• A Reduction in GBTC Shares
• Grayscale's Bitcoin Investment Vehicle
• Grayscale's Potential Conversion to a Spot Bitcoin ETF
• ARK Invest's Sale of Coinbase Shares
• Related News: Grayscale Explores Entry into Bitcoin ETF Market

ARK Invest Sells $12.85 Million Worth of Grayscale Bitcoin Trust Shares

On Monday, ARK Invest made a significant move by selling approximately $12.85 million of Grayscale Bitcoin$42,260 -0.64% Trust (GBTC) shares. This sell-off came from their Next Generation Internet (ARKW) exchange-traded fund (ETF), marking the most substantial sale in over a year.

A Reduction in GBTC Shares

The sale comprised 395,945 GBTC shares, leaving the ARKW fund with roughly $112.7 million worth of GBTC shares. This equates to a weighting of 6.95% in the fund. It is worth noting that ARK's strategy is to prevent any single holding in its ETFs from exceeding 10% of the fund's total market value.

Grayscale's Bitcoin Investment Vehicle

Monday also saw a decline in Grayscale's bitcoin (BTC) investment vehicle, falling 8.6% to $32.46. This drop mirrors the 5.8% decrease in the value of bitcoin, the largest cryptocurrency by market value.

Grayscale's Potential Conversion to a Spot Bitcoin ETF

Grayscale has expressed its intention to transform the Bitcoin Trust into a spot bitcoin ETF in January. The U.S. Securities and Exchange Commission (SEC) will decide on its application, along with 13 other companies' applications, early next year.

ARK Invest's Sale of Coinbase Shares

In addition to the sale of GBTC shares, ARK Invest also offloaded $1.88 million worth of Coinbase (COIN) shares on Monday. This comes after the sale of more than $100 million of the same stock last week.

Related News: Grayscale Explores Entry into Bitcoin ETF Market

Grayscale is reportedly preparing for a potential entry into the Bitcoin ETF race by recruiting a seasoned industry professional from Invesco.

Edited by Jonathan Stoker