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Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week’s Selling To $13M


Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week’s Selling To $13M By Benzinga

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Published Dec 09, 2023 06:04
Updated Dec 09, 2023 07:10

© Reuters. Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week’s Selling To $13M

Benzinga – by Shanthi Rexaline, Benzinga Editor.

Cathie Wood-owned Ark Invest on Friday sold more of Grayscale Bitcoin Trust (OTC:GBTC) shares on Friday, a daily trade disclosure form the firm showed.

What Happened: Ark, through its ARK Next Generation Internet ETF (NASDAQ:ARKW), sold 102,672 shares off GBTC on Friday and the sale would have fetched the company $3.65 million. The fund ended the session up 4.73% at $35.51, according to Benzinga Pro data.

Ark has remained a seller of GBTC shares since late October, as Bitcoin (CRYPTO: BTC) began to rally amid an increase in risk appetite. The firm sold the fund in four of the five sessions with the week’s disposals as follows:

Tuesday: $5.90M
Wednesday: $3.48M
Thursday: $2.92M
For the week, ARKW liquidated GBTC holdings worth $12.97 million.

Why This Matters: Bitcoin has been a tear since forming a near-term bottom in mid-September. The crypto has added nearly 170% this year and is among the best-performing financial assets. The buoyancy reflects hopes of the SEC approving a spot exchange-traded fund.

Chart courtesy of Benzinga Pro

Despite the recent liquidations, GBTC is the third biggest holding of ARKW and accounts for 8.36% of the portfolio.

Image Via shutterstock

Read Next: Is Bitcoin Headed Over The $50K Mark? A Look At The Apex Crypto, Ethereum And Dogecoin Into The Weekend

© 2023 Benzinga does not provide investment advice. All rights reserved.

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Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week’s Selling To $13M

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