Ark Invest Exits GBTC Completely Before Bitcoin ETF Goes Live
The post Ark Invest Exits GBTC Completely Before Bitcoin ETF Goes Live appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. As reported by Bloomberg, Ark Invest has sold its remaining shares of the Grayscale Bitcoin Trust, an unexpected move as investors await the approval of an exchange-traded fund that will invest directly in Bitcoin. Investors are hoping that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF by Jan. 10. Grayscale is also pursuing approval to convert its Bitcoin Trust, the world’s largest, into an ETF. According to Bloomberg, the ARK Next Generation Internet ETF sold all of its remaining 2.25 million shares of Grayscale Bitcoin Trust on Wednesday. This comes as Cathie Wood’s exchange-traded fund makes significant revisions to its Bitcoin-related holdings. On the other hand, the company purchased 4.32 million shares of the ProShares Bitcoin Strategy ETF on the same day, making it the fund’s second-largest holder, per Ark Investment Management LLC’s daily data. Despite the Bitcoin price reaching its highest level since April 2022, Wood has been decreasing her holdings in Grayscale Bitcoin Trust, which was once the top position in the ARK Next Generation Internet ETF. Bitcoin has more than doubled in 2023, with most of the gains coming around the end of the year, as the U.S. Securities and Exchange Commission is expected to approve spot Bitcoin ETFs early next month. MicroStrategy, on the other hand, continues to…
Filed under: News - @ December 30, 2023 5:08 am