In an unexpected move, Ark Invest has sold its remaining shares of the Grayscale Bitcoin Trust, a development that comes as investors eagerly await potential approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC) by January 10.
The ARK Next Generation Internet ETF, managed by Cathie Wood’s Ark Invest, reportedly sold all of its remaining 2.25 million shares of the Grayscale Bitcoin Trust on Wednesday, making significant revisions to its Bitcoin-related holdings. Investors are closely watching for the SEC‘s decision on the approval of spot Bitcoin ETFs, with Grayscale also seeking approval to convert its Bitcoin Trust, the world’s largest, into an ETF.
On the flip side, Ark Invest purchased 4.32 million shares of the ProShares Bitcoin Strategy ETF on the same day, becoming the second-largest holder of the fund according to Ark Investment Management LLC’s daily data.
Despite Bitcoin reaching its highest level since April 2022, Cathie Wood has been reducing her holdings in the Grayscale Bitcoin Trust, which was once the top position in the ARK Next Generation Internet ETF.
In contrast, MicroStrategy continues its Bitcoin accumulation, preparing for the potential approval of a spot BTC exchange-traded fund (ETF) in the United States. The business intelligence firm recently disclosed the purchase of 14,620 BTC for $615.7 million in cash between November 20, 2023, and December 26, 2023. The acquisition cost MicroStrategy approximately $42,110 per BTC, inclusive of fees and other charges, as outlined in the firm’s 8-K filing with the U.S. Securities and Exchange Commission.
