ARK Invest, investor Cathie Wood’s firm, sold 66,342 units of Grayscale Bitcoin Trust (GBTC) for $1.66 million, at a closing price of $25.07 on Oct. 28, 2023.

The price of Bitcoin (BTC) currently sits at $34,434.

ARK Invest capitalizes on market recovery

Recent reports indicate that Wood, who founded ARK Invest in 2014, has been reshaping her portfolio. Wood divested Grayscale Bitcoin Trust (GBTC) shares while acquiring shares in a cryptocurrency-related stock. 

On Oct. 28, the fund sold 66,342 units of GBTC, amounting to $1.66 million based on the closing price of $25.07. 

This sale aligns with the broader pattern of ARK Invest divesting GBTC shares, involving the sale of approximately $2.5 million in GBTC shares on Oct. 24.

Ark Invest also sold GBTC shares in three sessions that week. On Oct. 24, around $2.5 million worth of GBTC shares were sold, equivalent to approximately 2% of ARK’s holdings in the trust. The following day, Oct. 25, ARK Invest sold about $1.8 million of GBTC shares for the second consecutive day. These GBTC sales might be connected to the firm’s filing for a Bitcoin-based ETF.

Additionally, on Oct. 28, ARK Invest invested $12.4 million in a crypto-linked stock, the specific name of which was not disclosed. Besides this, ARK Invest has been actively purchasing shares in other companies. On Oct. 24, the fund acquired $2.4 million worth of shares in the popular trading platform Robinhood (HOOD).

Crypto ETF’s breaking barriers 

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Author: Ogwu Osaemezu Emmanuel

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