The Grayscale Bitcoin Trust is the largest asset held by the ARK Next Generation Internet ETF, accounting for more than 10% of its portfolio.

Amidst a market upswing caused by expectations for a spot BTC exchange-traded fund (ETF), investment firm ARK is selling shares of Grayscale Bitcoin Trust (GBTC).

On October 23, ARK, a pro-Bitcoin organisation counts down$34,177According to a trade notification reviewed by Cointelegraph,

Financial guru Cathie Wood sold 100,739 GBTC shares for $2.5 million from her ARK Next Generation Internet ETF (ARKW).

The deal was made at a time when GBTC hit multi-month highs and hit $24.7 for the first time since May 2022. Data from. 

TradingView shows that GBTC has increased by more than 200% year to date and by about 30% during the last 30 days.

The GBTC sale is ARK's first publicly disclosed GBTC transaction since the company added 450,272 GBTC shares worth $4.5 million to ARKW in November 2022.

Samson Mow, a proponent of Bitcoin, claims that the reason for ARK's most recent GBTC sale may be that the company is awaiting word from the US Securities and Exchange Commission (SEC) on its application to establish a Bitcoin-based ETF. 

A few days after ARK updated their spot Bitcoin ETF application on October 11, Grayscale submitted a fresh BTC ETF registration statement to the SEC on October 19.

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In addition to selling GBTC, ARK also sold 10,455 Coinbase shares from its ARK Fintech Innovation fund and 32,158 Coinbase shares from ARKW for a combined $3.4 million.

The investing company has continued to accumulate Robinhood shares, adding 32,158 shares to ARKW on October 23 totaling $300,000.

DISCLAIMER: We don't provide any investment advice.