ARK Invest Executes Bold Move: Sells Remaining GBTC Holdings, Pours $100M into Bitcoin ETF! In a strategic maneuver, ARK Invest, led by the visionary Cathie Wood, has seized the moment by liquidating its entire remaining Grayscale Bitcoin Trust (GBTC) holdings, valued at a whopping $200 million on December 28.
What's the Game Plan?
Half of the substantial sum, approximately $100 million, has been redirected into the promising realm of Bitcoin Futures ETF Bito. This audacious shift has positioned ARK Invest as the second-largest holder of Bito, according to insights from Bloomberg ETF analyst Eric Balchunas.
Why the Shift?
As ARK Invest dynamically adapts its portfolio, analysts suggest that the move into Bito may be a temporary pitstop. The quest for a more liquidity-rich and promising investment avenue seems to be underway. This strategic decision reflects ARK's commitment to staying ahead in the ever-evolving landscape of digital assets.
Charting a Trail of Moves: A Recap
The journey began in October when ARK Invest initiated the offloading of GBTC shares, marking a pivotal moment as Bitcoin's price soared to $34,000. Since then, the firm has steadily navigated the market, selling 100,739 GBTC shares worth $2.5 million from its ARK Next Generation Internet ETF (ARKW). The recent move saw the liquidation of 809,441 GBTC shares on December 19, amounting to $27.9 million.
Source
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