On December 28, Bloomberg’s ETF expert, Eric Balchunas, reported that ARK Invest, led by Cathie Wood, sold off its entire remaining stake in the Grayscale Bitcoin Trust (GBTC), which amounted to $200 million.
Out of this amount, they reinvested half, or approximately $100 million, into the Bitcoin Futures ETF known as Bito.
However, industry analysts view this move as a temporary strategy by ARK Invest, expecting the firm to shift to assets that offer better liquidity eventually. Balchunas also mentioned that this recent shift in investment has positioned ARK Invest as the second-largest shareholder of Bito.
Cathie Wood, the ARK Invest CEO and a vocal advocate for Bitcoin, has also conveyed her positive outlook regarding the green light for a physical Bitcoin ETF.
ETF expert Balchunas has stated that there is a 99% chance for a Bitcoin ETF approval before the deadline of January 10, 2024.
In October, when Bitcoin was around $34,000, ARK Invest sold shares worth $2.5 million from its ARK Next Generation Internet ETF (ARKW). Also in November, ARK Invest dumped around 700,000 GBTC shares.
