ARK Sells $28M Grayscale Bitcoin Trust Shares as Bitcoin Nears $43K

Cathie Wood’s ARK continues to trim its holdings of the Grayscale Bitcoin Trust (GBTC) as the discount narrows and bitcoin (BTC) nears $43,000.

A disclosure from ARK shows that ARK Next Generation Internet ETF (ARKW) sold 809,441 shares of GBTC for approximately $28 million.

After this latest sale, the investment firm is left with 3.4 million GBTC shares ($117.4 million), down from a high of around 9 million shares in July 2021.

ARKW bought the GBTC shares at an average cost of $24.08, putting this sale in the black as GBTC is currently trading for $34.54.

Bitcoin is currently trading above $42,900, according to CoinDesk Indicies data, and is up 17% over the last 30 days.