Cathie Wood's ARK Invest Sells $28M Worth of GBTC Stock Ahead of Likely Bitcoin Spot ETF Approvals Next Month

Cathie Wood's ARK Invest has sold 809,441 shares of Grayscale bitcoin Trust (GBTC) ahead of the likely approval of spot bitcoin exchange-traded funds (ETFs) in the US next month.

The recent sale, valued at around $28 million, is the largest in years. The investment firm now owns 3.4 million GBTC shares, worth about $117 million. The current holdings are a massive drop from the around 9 million GBTC shares that ARK held in July 2021.

ARK bought these shares at an average cost of $24.08, giving it a 43% gain, as GBTC is currently trading at $34.54, according to TradingView. GBTC shares recently hit a 52-week high of $36.23, with year-to-date gains of more than 300%.

GBTC's discount to bitcoin's NAV has narrowed significantly following bitcoin's 17% gain in the last 30 days. bitcoin was trading above $43,000 as of 06:30 EST.

bitcoin has been rallying as analysts predict a 90% chance of approval of a spot bitcoin ETF by January 10.

ARK bets on Jack Dorsey block as it dumps GBTC and COIN

ARK Invest began selling GBTC shares on October 23 amid speculation about the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) next month.

In December alone, ARK sold GBTC shares four times. On December 11, he sold 395,945 GBTC shares worth $13 million. On December 13, he sold 45,864 shares worth $1.6 million; On December 15, he sold another 12,000 shares worth $420,000.

GBTC remains the third largest asset in the ARK Next Generation Internet ETF (ARKW) portfolio.

ARK has also been cashing in on Coinbase stock. ARK sold $42.6 million worth of $COIN shares after the stock hit a 20-month high.

Amid the GBTC and COIN sell-offs, ARK is buying shares in Block, Jack Dorsey's fintech company. On December 18, he purchased 347,692 shares of Block (SQ) worth over $27 million.

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