ARK Invest Sells $6 Million of GBTC Amid Rising Trust Value; SEC Discussions Suggest Progress on U.S. Bitcoin ETF

Cathie Wood’s ARK Invest made a recent move, selling off more than 200,000 GBTC shares, totaling over $6 million, on November 10. Despite this, GBTC remains the company’s top investment. They’ve also sold smaller amounts earlier on.

The value of GBTC has seen significant growth, rising by 10% last week and an impressive 250% throughout 2023. This growth rate surpassed Bitcoin’s 123% rise during the same period.

Grayscale recently secured a victory in a legal battle against the SEC related to a fund issue back in August. Just last week, the SEC began talks with Grayscale.

This move is seen as a positive step, increasing the likelihood of a U.S. Bitcoin ETF, and has subsequently contributed to a positive trend in the crypto market.