Cathie Wood’s ARK Sells Over 700,000 Shares of Grayscale Bitcoin Trust in Past Month
Cathie Wood, the CEO of ARK Investment Management, recently sold more than 700,000 shares of the Grayscale Bitcoin Trust (GBTC) in the past month. Her firm manages four actively-managed ETFs and is best known for its focus on disruptive innovation. The firm is also known for its large exposure to square (NYSE:SQ) and Tesla (NASDAQ:TSLA), two of the most popular stocks in recent months.
Wood is well known for her bullish stance on Bitcoin, as the firm holds more than 78,000 GBTC shares. She has continued to add to the position over the past few months, and sold shares after the price of Bitcoin (BTC) hit an all-time high of nearly $63,000 in mid-April.
It is unclear why Wood chose to sell the shares now, but it is possible that she is diversifying her holdings or taking advantage of the price momentum to lock in some gains. Regardless, the selloff of more than 700,000 GBTC shares may not have a significant impact on the price of Bitcoin, as the position only makes up 0.01% of Bitcoin’s total market cap. Nevertheless, it could be a sign that investors are taking profits, which could lead to some downside pressure on BTC in the near term.