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International Business Times
International Business Times
Business
Nica Osorio

ARK Selling GBTC Holdings Does Not Really Mean It Is Bullish On Bitcoin, ETF Analyst Says

ARK Bitcoin GBTC ETF Ark Invest Eric Balchunas Grayscale Bitcoin Trust ARKB SEC
Cathie Wood, Founder, CEO, and CIO of ARK Invest, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. (Credit: Reuters / DAVID SWANSON)

KEY POINTS

  • This year, ARK started offloading Grayscale Bitcoin Trust shares on Oct. 23
  • The company's previous GBTC transaction was recorded in November 2022, when it sold 450,272 GBTC shares
  • Wood's ARK is among the 12 spot Bitcoin ETF applicants waiting for approval from the U.S. SEC

Cathie Wood's ARK Invest recently sold 700,000 shares and then proceeded to sell approximately 164,000 shares of Grayscale Bitcoin Trust (GBTC) last week. Following the sale of shares, many speculated that the company was bullish on Bitcoin, but a senior ETF analyst explained the reason behind the move.

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