Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week's Selling To $13M
Portfolio Pulse from Shanthi Rexaline
Ark Invest, led by Cathie Wood, continued to sell shares of Grayscale Bitcoin Trust (GBTC) through its ARK Next Generation Internet ETF (ARKW), with the latest sale on Friday amounting to $3.65 million. This brings the week's total sales to $12.97 million. Despite the sell-off, GBTC remains the third-largest holding in ARKW's portfolio, comprising 8.36% of its assets. The sales coincide with a Bitcoin rally, which has seen the cryptocurrency's value increase by nearly 170% this year, fueled by investor optimism and hopes for an SEC-approved spot exchange-traded fund.
December 09, 2023 | 6:04 am
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NEUTRAL IMPACT
ARKW sold 102,672 shares of GBTC, totaling $3.65 million on Friday, with a total of $12.97 million sold throughout the week. GBTC remains a significant holding within ARKW's portfolio.
While ARKW has been selling GBTC shares, the fact that GBTC remains a top holding suggests a balanced approach to portfolio management. The sales could be part of a broader strategy or rebalancing, and not necessarily a bearish stance on Bitcoin or GBTC. The short-term impact on ARKW's price is likely neutral as the market has already absorbed the news of ongoing sales.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
GBTC shares were sold by ARKW, totaling $12.97 million for the week. Despite the sales, GBTC remains a significant part of ARKW's portfolio.
The consistent selling of GBTC by ARKW could indicate a bearish outlook by the fund on GBTC or a strategic shift in their investment approach. This could potentially lead to a negative short-term impact on GBTC's price as it may signal to the market a lack of confidence or a change in sentiment by a prominent investor.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100