Ark Invest liquidates remaining Grayscale stocks
Cathie Wood’s investment fund Ark Invest has sold all its remaining assets of the Grayscale Bitcoin Trust (GBTC). Bloomberg analyst Eric Balchunas reported that half of the proceeds from the GBTC sale, amounting to a significant $100 million, were used to buy the BITO Bitcoin (BTC) futures ETF, launched by ProShares in October 2021. He suggested that the BITO purchase is likely being used as a liquidity bridge tool. Today ARK sold its entire remaining $GBTC position (it was ARKW's biggest holding only a month ago) and used half the money $100m-ish to buy $BITO, likely as liq transition tool to keep beta to btc while it legs into $ARKW or $ARKB. End of an era. h/t @DilksJay @funwithnumberz pic.twitter.com/J1i92qcmzo — Eric Balchunas (@EricBalchunas) December 28, 2023 However, the deal did not have a significant impact on GBTC shares. At the time of writing, according to the Nasdaq exchange, it is trading at $36.32. Source: Nasdaq The company liquidated tens ...