Cathie Wood’s ARK Invest Offloads Nearly $13M Worth of Grayscale Bitcoin Trust Shares

Cathie Wood’s ARK Invest sold around $12.85 million worth of Grayscale Bitcoin Trust (GBTC) shares from its Next Generation Internet (ARKW) exchange-traded fund (ETF) on Monday, the biggest sale in more than a year.

The offload of 395,945 GBTC shares from ARKW leaves the fund with about $112.7 million worth of GBTC, a weighting of 6.95%. ARK aims for no individual holding in its ETFs to exceed a 10% weighting of the fund’s total market value.

Digital asset manager Grayscale’s bitcoin (BTC) investment vehicle dropped 8.6% to $32.46 on Monday, reflecting the 5.8% decline in the value of the largest cryptocurrency by market value.

Grayscale is hoping to convert the Bitcoin Trust into a spot bitcoin ETF in January. The U.S. Securities and Exchange Commission is set to decide on its application, along with those of 13 other firms, early in the new year.

ARK Invest also sold $1.88 million Coinbase (COIN) shares on Monday. That follows the sale of more than $100 million of the stock last week.