Cathie Wood’s investment firm began divesting its position in the Grayscale Bitcoin Trust back in October, as Bitcoin’s market value soared. Over the course of two months, Ark Invest consistently sold more than 100,000 units of the Grayscale Bitcoin Trust (GBTC), totaling over $2.5 million.
In late December, ARKW fully withdrew its capital from GBTC, liquidating all its positions in the Grayscale Bitcoin Trust assets for $200 million. A portion of the proceeds, totaling over $90 million, was then invested in shares of the ProShares Bitcoin Strategy ETF (BITO). ARKW acquired a total of 4.32 million BITO units.
It is possible that Ark Invest’s decision to exit GBTC is related to Cathie Wood’s strategy of consolidating funds while awaiting approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC).
In a related development, the US-based company MicroStrategy recently revealed its purchase of an additional 14,620 BTC, valued at approximately $615 million.