Cathie Wood’s ARK sells Grayscale Bitcoin Trust shares as BTC hits $34K

Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a

Some online traders have also speculated that if ARK is approved for a spot Bitcoin ETF, the firm would likely put its ETF as the first holding in ARKW and dump GBTC.

$ARKW is the largest owner of $GBTC by WEIGHT at 8.36%. So @JSeyff : If ARK is approved for a Spot Bitcoin ETF, they would likely put that ETF at the #1 holding in ARKW and dump GBTC. There is some obscure rule that if ARK sells GBTC, they have to pay out Capital Gains on it like… pic.twitter.com/LLv7lDa065

— Jay Dilks (@DilksJay) October 14, 2023

ARK did not immediately respond to Cointelegraph’s request for comment.

Apart from selling GBTC, ARK also sold 32,158 Coinbase shares from ARKW and 10,455 Coinbase shares from its ARK Fintech Innovation fund for a total of $3.4 million. The investment firm has continued stacking Robinhood shares, adding 32,158 worth $300,000 to ARKW on Oct. 23.

Magazine: Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in