ARK Invest Liquidated 5 Million Dollars in Grayscale Bitcoin Trust Shares Last Week

Crypto News- Cathie Wood’s ARK Invest made strategic moves last week, parting ways with 163,722 shares of Grayscale Bitcoin Trust (GBTC) and pocketing a noteworthy $5.02 million at closing prices. This decision unfolded against the backdrop of the investment vehicle’s discount to its net asset value narrowing to its tightest margin in over two years.

ARK Invest Liquidated 5 Million Dollars in Grayscale Bitcoin Trust Shares Last Week

In November alone, the Next Generation Internet ETF (ARKW) orchestrated a sell-off of 579,077 shares, translating to a substantial $16.9 million gain based on the closing share prices of the relevant days.

ARK Invest has a knack for capitalizing on crypto-related shares during downturns, and they’re quick to unload them when the market sentiment turns bullish, securing profits along the way.

Notably, the discount for GBTC contracted to 8.6% on Friday, marking its lowest point since July 2021. This reduction signals a surge in optimism regarding the potential approval of a spot bitcoin exchange-traded fund (ETF) in the U.S. Analysts attribute this positive shift to Grayscale’s recent meeting with the Securities and Exchange Commission (SEC), where discussions centered on transforming the trust into a spot ETF. It’s worth noting that the discount had hit a staggering record low of almost 50% in December of the previous year. The recent developments indicate a significant turnaround in market sentiment and regulatory expectations.