Cathie Wood Rides Bitcoin Rally And Dumps More Of GBTC, Taking Week's Selling To $13M

Zinger Key Points
  • Bitcoin has added nearly 170% this year and is among the best-performing financial assets.
  • GBTC, which debuted in September 2013, is a private, open-ended trust for accredited investors and invests passively in Bitcoin.

Cathie Wood-owned Ark Invest on Friday sold more of Grayscale Bitcoin Trust GBTC shares on Friday, a daily trade disclosure form the firm showed.

What Happened: Ark, through its ARK Next Generation Internet ETF ARKW, sold 102,672 shares off GBTC on Friday and the sale would have fetched the company $3.65 million. The fund ended the session up 4.73% at $35.51, according to Benzinga Pro data.

Ark has remained a seller of GBTC shares since late October, as Bitcoin BTC/USD began to rally amid an increase in risk appetite. The firm sold the fund in four of the five sessions with the week’s disposals as follows:

  • Tuesday: $5.90M
  • Wednesday: $3.48M
  • Thursday: $2.92M

For the week, ARKW liquidated GBTC holdings worth $12.97 million.

See Also: How To Buy Bitcoin (BTC)

Why This Matters: Bitcoin has been a tear since forming a near-term bottom in mid-September. The crypto has added nearly 170% this year and is among the best-performing financial assets. The buoyancy reflects hopes of the SEC approving a spot exchange-traded fund.

Chart courtesy of Benzinga Pro

Despite the recent liquidations, GBTC is the third biggest holding of ARKW and accounts for 8.36% of the portfolio.

Image Via shutterstock

Read Next: Is Bitcoin Headed Over The $50K Mark? A Look At The Apex Crypto, Ethereum And Dogecoin Into The Weekend

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyEquitiesNewsMarketsTrading IdeasARK InvestCathie Wood
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!