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Friday, December 29, 2023 11:20 a.m
As Bloomberg reported, “Ark Invest” sold all of its shares in the Grayscale Bitcoin Trust (GBTC), a surprise move that coincides with investors’ anticipation of the approval of a Bitcoin ETF that will be dedicated to investing directly in Bitcoin.
Investors hope that the US Securities and Exchange Commission (SEC) will approve the Bitcoin ETF no later than January 10th.
For its part, Grayscale is also seeking approval to convert GBTC, the largest fund of its kind in the world, into an exchange-traded fund.
The ARK Next Generation Internet ETF sold its entire holding of 2.25 million GBTC shares on Wednesday, according to Bloomberg data.
This move comes at a time when Cathie Wood’s ETF is making major adjustments to its Bitcoin investment portfolio.
At the same time, the company acquired 4.32 million shares of the ProShares Bitcoin Strategy ETF, making it the second largest investor in the fund, according to Ark Investment Management LLC.
Despite Bitcoin price hitting its highest level since April 2022, Wood reduced his investments in GBTC, which previously led the ARK Next Generation Internet ETF portfolio.
Bitcoin experienced a remarkable rise, doubling its value more than twice throughout 2023, with the vast majority of its holders making profits at the end of the year.
Experts expect the US Securities and Exchange Commission to approve Bitcoin ETFs as early as next month.
In parallel, MicroStrategy continues to accumulate Bitcoin in preparation for the possible approval of a Bitcoin ETF.
According to an 8-K filing with the US Securities and Exchange Commission, trading firm MicroStrategy held 14,620 Bitcoins worth $615.7 million between November 20 and December 26, 2023.
As noted in the memo, MicroStrategy’s latest Bitcoin batch cost approximately $42,110 per Bitcoin, including fees and other costs.
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