One of ARK Invest’s exchange-traded funds, the ARK Next Generation Internet ETF, has sold 2.25 million shares from the Grayscale Bitcoin Trust (GBTC). The fund acquired 4.32 million ProShares Bitcoin Strategy ETF (BITO) and 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA) in the same fell swoop.

ARK Invest CEO Cathie Wood said the firm sold its GBTC shares “out of an abundance of caution” that the US Securities and Exchange Commission (SEC) does not approve the ARK 21Shares Bitcoin ETF in January 2024. The narrowing of GBTC shares to the net value of the underlying Bitcoin per share has made a sale lucrative.

Grayscale Victory Narrows NAV Discount

Wood said her sale of GBTC was not indicative of a loss of faith in Bitcoin. 

“We’re as optimistic about Bitcoin as we’ve ever been,” she affirmed.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

In June, shares in Grayscale’s closed-ended Bitcoin Trust were trading 40% below the net asset value (NAV). Optimism around the approval of several spot Bitcoin ETFs has narrowed the discount to around 7%. 

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Author: David Thomas

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