ARKW - Cathie Wood's Ark Invest Trims Bitcoin Exposure Sells $2.9M Worth Of GBTC Shares Amid Crypto Market Volatility | Benzinga
On Thursday, Cathie Wood-led Ark Invest made a significant move by selling nearly $2.9 million worth of Grayscale Bitcoin Trust (OTC:GBTC) shares. This decision comes amidst a fluctuating crypto market and Ark’s strategic adjustments in their crypto holdings.
Notably, the apex cryptocurrency, Bitcoin (CRYPTO: BTC) was seen trading by nearly 1% at $43,523.72 at the time of publishing. The second-largest coin by market cap, Ethereum (CRYPTO: ETH) was up nearly 6% at $2,382.43. The mixed performance of large cryptocurrencies was attributed to increasing fears of a “bull trap” by traders.
The GBTC Trade
On Thursday, Ark sold 86,159 units of the Bitcoin Investment Trust. The sale was made through ARK Next Generation Internet ETF (NYSE:ARKW). On the day GBTC closed 2.9% lower at $33.90. The transaction was valued at $2.92 million.
See Also: Ark Invest’s Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M
Ark Invest’s sale ...