Cathie Wood’s ARK Invest Sells Big

ARK Invest Sells Nearly $13M of Grayscale Bitcoin Trust Shares, Following Move by Cathie Wood

ARK Invest, led by Cathie Wood, sells off nearly $13 million worth of Grayscale Bitcoin Trust shares.

Well, well, well, what do we have here? Cathie Wood’s ARK Invest just made its biggest sale in over a year, and it’s got the digital asset investors buzzing. Brace yourselves, folks, because this is some big-time news.

So, here’s the scoop. ARK Invest decided to offload a whopping $12.85 million worth of Grayscale Bitcoin Trust (GBTC) shares from its Next Generation Internet (ARKW) exchange-traded fund (ETF). Talk about making a bold move! This move reduced their GBTC holdings to around $112.7 million, which represents a cheeky 6.95% weighting. ARK Invest has a strict policy of keeping individual holdings below 10% of the fund’s total market value, you know, to diversify and all that. Can’t put all your eggs in one crypto basket, folks!

Now, let’s talk about Grayscale. These guys are like the cool kids on the block, managing digital assets like Bitcoin (BTC). And boy, did they have a rough day. Grayscale’s Bitcoin investment vehicle experienced an 8.6% drop, bringing it down to $32.46. Ouch! And all this because Bitcoin itself decided to take a little nosedive with a 5.8% decline. Talk about being influenced by your idol!

But wait, there’s more! Grayscale has dreams of turning its Bitcoin Trust into a spot Bitcoin ETF in January. They’ve submitted their application to the U.S. Securities and Exchange Commission along with 13 other firms, and we’re all eagerly waiting for the SEC’s verdict. Could this be the big break Grayscale has been waiting for? Only time will tell.

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Oh, and ARK Invest wasn’t done yet with their selling spree. They also sold $1.88 million worth of Coinbase shares. Seems like they’re just cashing in while the iron is hot. Last week, they even sold over $100 million of the stock, making it rain! Money, money, money!

If you want to dig deeper into the madness of Grayscale and its Bitcoin ETF race, there’s an interesting article on it, courtesy of Cyber Magazines. Those folks really know how to keep us entertained, don’t they?

So, there you have it, folks. ARK Invest making its mark with a monster sale and Grayscale hoping for that golden ticket from the SEC. The world of digital assets is always full of surprises, that’s for sure.

Remember, stay tuned for more thrilling updates and keep those investments flowing in the right direction. Happy investing!

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