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ARK Investment Management divests Grayscale Bitcoin Trust shares amid Bitcoin rally

EditorAmbhini Aishwarya
Published 11/24/2023, 12:41 AM
© Reuters.

ARK Investment Management, led by CEO Cathie Wood, has been selling off shares of the Grayscale Bitcoin Trust (GBTC) despite Bitcoin's recent surge to its highest price point since May 2022. The firm sold more than 700,000 shares since October 23 and continued its divestment this Wednesday. These sales came at a time when the cryptocurrency sector is facing increased regulatory scrutiny, with industry figures like Binance's CZ and FTX's Sam Bankman-Fried in the spotlight.

Despite the sell-off, Wood spoke favorably about GBTC at the Sohn Australia conference held at the Sydney Opera (NASDAQ:OPRA) House. She highlighted GBTC as a prime investment, indicating her long-term confidence in the asset. As of the end of September, ARK remained a significant shareholder with over five million units of GBTC.

The strategic decisions by ARK's management have been reflected in the performance of their internet ETF, which has outperformed the market with a 65% surge compared to Nasdaq's increase of 46%. This notable growth is attributed to active management decisions rather than investor capital flows into or out of the fund.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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