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Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week's Selling To $13M

Published Dec 09, 2023 06:04 Updated Dec 09, 2023 07:10
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© Reuters. Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week's Selling To $13M
 
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Benzinga - by Shanthi Rexaline, Benzinga Editor.

Cathie Wood-owned Ark Invest on Friday sold more of Grayscale Bitcoin Trust (OTC:GBTC) shares on Friday, a daily trade disclosure form the firm showed.

What Happened: Ark, through its ARK Next Generation Internet ETF (NASDAQ:ARKW), sold 102,672 shares off GBTC on Friday and the sale would have fetched the company $3.65 million. The fund ended the session up 4.73% at $35.51, according to Benzinga Pro data.

Ark has remained a seller of GBTC shares since late October, as Bitcoin (CRYPTO: BTC) began to rally amid an increase in risk appetite. The firm sold the fund in four of the five sessions with the week’s disposals as follows:

  • Tuesday: $5.90M
  • Wednesday: $3.48M
  • Thursday: $2.92M
For the week, ARKW liquidated GBTC holdings worth $12.97 million.

Why This Matters: Bitcoin has been a tear since forming a near-term bottom in mid-September. The crypto has added nearly 170% this year and is among the best-performing financial assets. The buoyancy reflects hopes of the SEC approving a spot exchange-traded fund.

Chart courtesy of Benzinga Pro

Despite the recent liquidations, GBTC is the third biggest holding of ARKW and accounts for 8.36% of the portfolio.

Image Via shutterstock

Read Next: Is Bitcoin Headed Over The $50K Mark? A Look At The Apex Crypto, Ethereum And Dogecoin Into The Weekend

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week's Selling To $13M
 

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