According to Cointelegraph: In an intriguing development, ARK Invest, the asset management firm led by the renowned investor Cathie Wood, has offloaded its entire holdings in Grayscale Bitcoin Trust (GBTC), worth an estimated $200 million. This significant move was brought to light by Bloomberg ETF analyst, Eric Balchunas, on December 28.
ARK Invest opted to redirect half of the proceeds from selling its GBTC position, approximately $100 million, into the Bitcoin Futures ETF, known as Bito. ETF analysts postulate that this allocation may only be a temporary stepping stone as the investment firm seeks to assemble a more lucrative portfolio.
The decision by ARK Invest to transition investments aligns it as the second-largest holder of Bito, an interesting shift in the company's asset strategy.
ARK Invest initiated the process of gradually releasing its GBTC shares back in October, around the time Bitcoin's price reached the $34,000 mark. The first sale saw the company let go of 100,739 GBTC shares, equating to $2.5 million, from their ARK Next Generation Internet ETF (ARKW). Subsequently, on December 19, ARK Invest sold another haul of 809,441 GBTC shares, valued at $27.9 million.
ARK Invest's portfolio restructuring didn't stop there. They also liquidated 148,885 shares in Coinbase, valued at $27.5 million, from their ARKW portfolio. This modification of investments arrives amidst rampant speculation concerning the potential authorization of a spot Bitcoin ETF.
Analysts like Balchunas project a 99% chance of approval for a Bitcoin ETF prior to the deadline on January 10, 2024. ARK Invest's CEO, Cathie Wood, an outspoken advocate for Bitcoin, expressed a positive outlook on the chances of a spot Bitcoin ETF gaining approval.
Cathie Wood, in a recent interview, implied that the escalating anticipation surrounding the potential approval of spot Bitcoin ETFs might momentarily dampen BTC's price. However, looking at the long-term perspective, she sees a promising horizon.
