Cathie Wood’s Ark Invest Sells off Entire GBTC Holdings, Allocates $100 Million to Bitcoin Futures ETF BITO
Ark Invest, the investment firm founded and managed by renowned investor Cathie Wood, has sold its entire stake in Grayscale Bitcoin Trust (GBTC), the publicly-traded bitcoin investment vehicle, and allocated $100 million to the newly-launched Bitcoin Futures ETF (BITO).
The GBTC was one of the first bitcoin investment vehicles registered with the Securities and Exchange Commission (SEC) and has been one of Ark Invest’s longstanding investments. The decision to sell the position was based on the expected launch of BITO, a Bitcoin futures ETF launched by VanEck, one of the world’s largest asset managers.
BITO is expected to provide investors with an easier, cost-effective way to gain exposure to the cryptocurrency market. As a result, Ark Invest elected to unload their GBTC position in favor of the more liquid ETF, which will provide investors with access to the bitcoin futures market.
The move is also reflective of the growing demand for institutional-grade cryptocurrency investments, as the cryptocurrency market matures and becomes increasingly attractive to experienced investors. As the industry evolves, more and more investors are looking to gain exposure to the cryptocurrency market through regulated investment vehicles.