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ARK Invest Sold $5M Worth of Grayscale Bitcoin Trust Shares Last Week
The sales took place as the discount for Grayscale's bitcoin investment vehicle narrowed to its lowest in over two years, a sign of escalating optimism that a spot bitcoin ETF will finally be approved in the U.S.
Cathie Wood's ARK Invest sold more shares in Grayscale Bitcoin Trust (GBTC) last week, offloading 163,722 to earn $5.02 million at closing prices while the investment vehicle's discount to its net asset value narrowed to the least in more than two years.
The sales took the November total of shares dropped by the Next Generation Internet ETF (ARKW) to 579,077, earning it about $16.9 million based on the relevant day's closing share price.
STORY CONTINUES BELOW
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ARK Invest often loads up on crypto-related shares when they have experienced a downward trend and sells them as they look more bullish to bank some profits.
The discount shrank to 8.6% on Friday, the lowest since July 2021, in a sign of escalating optimism that a spot bitcoin exchange-traded fund (ETF) will finally be approved in the U.S. Analysts attributed the improvement to Grayscale's meeting with the Securities and Exchange Commission (SEC) about turning the trust into a spot ETF. The discount hit a record low of almost 50% last December.
Read More: Grayscale Bitcoin Trust Could See $2.7B of Outflows if ETF Conversion Is Approved: JPMorgan
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
