Cathie Wood’s Ark Invest Sells $27.6 Million in GBTC Shares as Bitcoin Touches $43K Again
Cathie Wood’s Ark Investment Management sold off $27.6 million in GBTC shares this week as bitcoin again soared to peak of $43,000.
GBTC, which is the symbol for Grayscale Bitcoin Trust, is a publicly traded trust that holds Bitcoin (BTC). It enables investors to gain exposure to the cryptocurrency without need to buy, store and manage it also allows investors to gain liquid exposure to the asset.
Previous to the sale, Ark had more than $3 billion invested in GBTC shares. It is the largest institutional investor in the trust, which allows the fund to purchase shares at a discount.
This recent sale of $27.6 million is the second time in as many weeks that Ark Invest has unloaded GBTC shares amid the record rally in the cryptocurrency. The firm had previously sold off $26 million worth of GBTC shares less than one week prior as Bitcoin surged to an all-time high of $41,500.
It is likely that Ark Invest had some of these shares available to purchase through their deep discount share purchases from Grayscale. These profits have no doubt been retained by investors of the ERShares Beyonce Equity ETF (ARKQ), First Trust QQQ ETF (FTQQ) and Global X FinTech ETF ( FINX).