Cathie Wood's fund sells Grayscale shares
Cathie Wood's fund sells Grayscale shares
Cathie Wood's ARK Investment Management fund has significantly reduced its stake in Grayscale Bitcoin Trust, despite the fact that the well-known investor has consistently stated her Bitcoin growth forecasts and emphasized her bullish stance on the major cryptocurrency.
Ark Next Generation reduced its stake in Grayscale Bitcoin Trust by 700,000 shares in the last month. This was reported by Bloomberg.
According to daily trading data, there has been a decline in Cathie Wood's confidence in BTC, and on Wednesday alone, the fund sold 36,168 shares. These actions are at odds with Wood's public assurances that Bitcoin will rise to $1,480,000. Moreover, the price of the asset is now seen rising to its highest level since May 2022. GBTC funds are tied to the price of Bitcoin and should rise with the price of this cryptoasset.
Despite regulatory crackdowns on cryptocurrency companies and high-profile scandals involving Binance's Changpeng Zhao and FTX's Sam Bankman-Fried, the value of Bitcoin has risen more than 200% this year.
It's worth noting that just last week at the Sohn Australia conference in Sydney, Cathie Wood promoted the Grayscale Bitcoin Trust as her top investment choice. Meanwhile, the ARK Invest fund was the fourth largest shareholder with 5.6 million shares as of September 30. The community notes a clear discrepancy between the public version of Cathie and her actual plans and actions.
In 2021, the famous investor has already been seen in a similar policy. Then she claimed the benefits of investing in Tesla shares and voiced ambitious goals for ARK, but at the same time imperceptibly drained their positions by 84%. Therefore, market experts are now watching with interest the new discrepancy between Wood's investment policy and her optimistic statements to the public.
Previously, Cathie Wood talked about the periodic adjustment of assets in the fund's portfolio. On October 24, ARK Invest sold about $2.5 million worth of shares in Grayscale Bitcoin Trust (GBTC). On October 25, the fund dumped about $1.8 million worth of GBTC shares. And on October 28, ARK Invest sold 66,342 shares of GBTC for $1.66 million.
These strategic sales of GBTC have sparked rumors linking such actions to ARK Invest's recent filing of its own application with the SEC to create a Bitcoin-based ETF.
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