ARK Invest Sells Off GBTC Shares, Becomes Second-Largest Holder of Bitcoin Futures ETF BITO
ARK Invest, the investment firm led by Cathie Wood, has sold off its remaining holdings of Grayscale Bitcoin Trust (GBTC) shares, worth around $200 million, and used $100 million of the proceeds to buy shares in the ProShares Bitcoin Strategy ETF (BITO). This move has made ARK Invest the second-largest holder of the Bitcoin futures ETF. The firm's reshuffling of its portfolio comes amid speculation around the possible approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), with hopefuls rushing to finalize their applications before a potential approval window in January.
Grayscale GBTC negative premium rate currently narrows to 7.57%
According to Coinglass data, the current total value of Grayscale's holdings is approximately $38.558 billion, with the Grayscale Bitcoin Trust Fund (GBTC) having a negative premium rate of 7.57%; the ETH Trust has a premium rate of 13.36%. In addition, the ETC Trust has a premium of 29.03%, and the LTC Trust has a positive premium of 70.72%.
ARK trims holdings of Grayscale Bitcoin Trust as discount narrows and BTC approaches $43K
ARK, led by Cathie Wood, has sold 809,441 shares of Grayscale Bitcoin Trust (GBTC) for around $28 million as bitcoin approaches $43,000. This brings the investment firm's remaining GBTC shares to 3.4 million ($117.4 million), down from a peak of 9 million shares in July 2021. ARK purchased the GBTC shares at an average cost of $24.08, making a profit on this sale as GBTC currently trades at $34.54. Bitcoin is currently trading above $42,900, up 17% in the last 30 days.
ARK Invest sold $59 million worth of Coinbase shares and $15 million in GBTC last week
According to TheBlock, Cathie Wood's ARK Invest sold $59 million worth of Coinbase stocks and $15 million worth of GBTC last week.
The current negative premium rate of Grayscale GBTC has narrowed to 9.48%
Coinglass data shows that the current Grayscale GBTC negative premium rate is 9.48%, ETH Trust negative premium rate is 13.73%, and ETC Trust negative premium rate is 25.01%. In addition, Grayscale LTC Trust has a premium rate of 53.22%, BCH Trust has a premium rate of 73.37%, SOL Trust has a premium rate of 250.54%, and LINK Trust has a premium rate of 239.30%.
ARK Invest sold GBTC worth approximately $12.85 million again yesterday
Cathie Wood's ARK Invest continued to reduce its holdings of Grayscale Bitcoin Trust (GBTC) on December 11th, selling a total of 395,945 shares worth approximately $12.85 million.
The current negative premium rate of Grayscale GBTC is 10.15%
According to Coinglass data, the current Grayscale GBTC negative premium rate is 10.15%, ETH Trust negative premium rate is 14.95%, and ETC Trust negative premium rate is 33.52%. In addition, Grayscale BCH Trust has a premium rate of 62.15% and SOL Trust has a premium rate of 288.06%.
The current negative premium rate of Grayscale GBTC is 8.09%
According to Coinglass data, the current Grayscale Bitcoin Trust (GBTC) negative premium rate is 8.09%. Additionally, the Grayscale Litecoin Trust has a premium rate of 28.36%, the Bitcoin Cash Trust has a premium rate of 13.99%, the Zcash Trust has a premium rate of 6.05%, the Solana Trust has a premium rate of 308.53%, and the Filecoin Trust has a premium rate of 713.54%.
Grayscale updates GBTC protocol for first time since 2018 to prepare for ETF conversion
Grayscale, the management company of the Grayscale Bitcoin Trust Fund (GBTC), is updating the trust agreement for the first time since 2018. The purpose of this update is to optimize the structure of GBTC in order to achieve the expected upgrade to a spot Bitcoin exchange-traded fund (ETF) and provide a fair competitive environment for asset management giants such as BlackRock. The GBTC update will be subject to shareholder voting, which will involve two proposed modifications to the trust agreement.
Bloomberg Analyst: Ark sells GBTC to balance weight
Bloomberg analyst Eric Balchunas wrote on X platform that Ark sold GBTC to balance weight. In its investment portfolio, Ark likes to sell winners (and vice versa) to maintain the required weight. Since GBTC has risen 76% since August, ARK "must" sell many shares to maintain a weight of around 9%.<br>Earlier news, since October 23, ARK Next Generation Internet ETF (ARKW) has sold more than 700,000 shares of Grayscale Bitcoin Trust Fund GBTC.
