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Cathie Wood’s ARK offloads GBTC shares again, here’s why

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Cathie Wood’s ARK Invest recently offloaded GBTC shares worth $3.76 million.
Posted: | Last updated: November 28th, 2023
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Posted: | Last updated: November 28th, 2023

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  • Cathie Wood’s firm has been disinvesting GBTC shares during the ongoing bull run.
  • ARK is among an array of applicants waiting for the SEC to approve its spot Bitcoin ETF.

Cathie Wood’s ARK Invest was again in the news because of its recent trades worth millions of dollars.

On the 6th of November, ARK offloaded $3.76 million worth of Grayscale Bitcoin Trust (GBTC) shares. This was a continuation of ARK offloading GBTC shares during the ongoing bull run.

The investment firm sold $4.37 million worth of GBTC shares in late October.

This time, ARK purchased $5.61 million worth of Block, Inc. shares—a fintech conglomerate co-founded by Jack Dorsey.

 

 

ARK Invest—a major TradFi player in the DeFi sector

The trades of ARK Invest have always generated a lot of buzz in the crypto industry as it is one of the major traditional finance (TradFi) firms to get involved in the crypto sector quite early.

Notably, ARK is among an array of applicants waiting for the SEC to approve its spot Bitcoin exchange-traded fund (ETF).

ARK first applied for a spot Bitcoin ETF in 2021. Since then, the SEC has rejected all of its applications.

Wood has remained bullish on Bitcoin, believing multiple spot Bitcoin ETFs will be approved by the U.S. Securities and Exchange Commission (SEC) soon.

In an interview with CNBC last month, she hinted at the SEC’s changing attitude.

Will Bitcoin rally further?

Meanwhile, BTC is up nearly 25% since mid-October when it began rallying. At press time, it was exchanging hands at $34,706. Its market cap has also risen by nearly the same margin to $675 million.

Source: BTC/USD, TradingView

If the SEC approves the ETFs, it will lead to a bigger BTC price rally. In addition, the Bitcoin halving scheduled next year will also contribute to the phenomenon.

At the same time, how regulators across markets implement crypto regulations will also impact its price trends.

 

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Ann is a News Editor at AMBCrypto. After getting a Masters in International Relations, Ann worked at Reuters News for 4 years as a Breaking News correspondent. Ann uses her eye for attention to detail to focus on the regulatory and political developments associated with the crypto-space.
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