Cathie Wood’s Ark Invest has dumped nearly 700k GBTC shares over the past month even after a predicted conversion of GBTC into a spot Bitcoin ETF.
A division of the investment firm, ARK Next Generation Internet ETF (ARKW) has sold another 36,168 GBTC shares on November 22 which adds to the total selling of 697,768 GBTC shares since October 23 when it first started selling.
However, the selling represents only a tiny amount of GBTC shares Ark holds which are worth a total amount of $131 million, according to a report available on the firm’s official website.
ARK Invest’s GBTC holding is currently the third largest in its entire portfolio while it holds Coinbase’s Class A shares worth over $148 million as its largest asset holding. ARK also holds a significant amount of shares in hardware devices company Roku.
The firm recently filed an updated application for its spot Bitcoin ETF which will go live for trading on the Chicago Board Options Exchange (CBOE) after the SEC’s approval.
Also Read: GBTC Will See $2.7 Billion Outflow After ETF Conversion: JPMorgan
