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

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

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