May 29, 2024
ARK Invest Dumps GBTC, Eyes Liquidity Boost with Bito ETF
Latest Cryptocurrency News

ARK Invest Liquidates $200 Million GBTC Holdings, Shifts Focus to Bito ETF

ARK Invest, led by Cathie Wood, has completed the sale of its remaining Grayscale Bitcoin Trust (GBTC) holdings valued at $200 million on December 28, according to Bloomberg ETF analyst Eric Balchunas. The firm used approximately $100 million of the proceeds to invest in the Bitcoin Futures ETF, Bito. Analysts anticipate this move as a short-term arrangement for liquidity enhancement, with Balchunas noting that this shift has positioned Ark as the second-largest Bito holder.

The liquidation of GBTC shares commenced in October when Bitcoin reached $34,000, with ARK Next Generation Internet ETF (ARKW) selling 100,739 GBTC shares worth $2.5 million initially. Further sales of 809,441 GBTC shares worth $27.9 million occurred on December 19.

Alongside divesting GBTC, ARK Invest sold 148,885 Coinbase shares valued at $27.5 million from its ARK Next Generation internet ETF (ARKW). These strategic moves coincide with a pivotal moment as speculation swirls regarding the potential approval of a spot Bitcoin ETF. Analysts, including Balchunas, indicate a 99% likelihood of approval before the January 10, 2024, deadline. Cathie Wood, ARK Invest’s CEO and a vocal supporter of Bitcoin, echoes the high probability of a spot Bitcoin ETF approval.

In a recent interview, Wood highlighted that the mounting anticipation for spot Bitcoin ETF approval could temporarily impact BTC prices negatively. However, she remains optimistic about its long-term prospects.

Image by freepik

Related posts

CertiK’s Q3 Report Reveals Alarming $699 Million Crypto Security Losses

Eva Moore

UK Police Can Seize Criminal Crypto Assets Without Arrests

Cheryl  Lee

South Korea’s Upbit Halts Deposits and Withdrawals Amid Mistaken Identity of Phony Aptos Token

Robert Paul

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.