- The ARK Next Generation Internet ETF (ARKW) sold 100,739 GBTC shares on 23 October.
- This is the first GBTC transaction publicly disclosed by ARK since November 2022.
In light of the recent market upsurge caused by speculation about the launch of a spot BTC ETF, ARK Investment led by Cathie Wood sold shares of the Grayscale Bitcoin Trust (GBTC). The ARK Next Generation Internet ETF (ARKW) sold 100,739 GBTC shares on 23 October for $2.5 million.
This is the first GBTC transaction publicly disclosed by ARK since November 2022, when the company bought 450,272 GBTC shares at a value of $4.5 million via ARKW.
Cashing in Profits
The deal was made when GBTC hit a multi-month high of $24.7, the highest price it has been since May 2022. TradingView reports a gain of approximately 30% in the last 30 days and a gain of more than 200% year to date for GBTC.
About 2% of ARKW’s GBTC holdings, or $122.6 million as of Oct. 23, were sold in the most recent transaction. ARKW’s biggest holding is in GBTC (10.4% of the product’s exposure), followed by investments in Coinbase (9%) and Roku (7.4%).
Samson Mow, a vocal proponent of Bitcoin, theorizes that ARK’s recent GBTC sale is connected to the company’s wait for a ruling from the U.S SEC on the company’s application to list a Bitcoin-based ETF.
In response to ARK’s Oct. 11 amendment to its spot Bitcoin ETF filing, Grayscale on Oct. 19 submitted a fresh BTC ETF registration statement to the SEC. In addition to the GBTC sale, ARK raised $3.4 million by offloading 32,158 shares of Coinbase from ARKW and 10,455 shares from its ARK Fintech Innovation fund.
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