Cathie Wood’s ARK Invest, a prominent investment firm known for its focus on disruptive technologies, has reportedly sold nearly $13 million worth of shares in the Grayscale Bitcoin Trust. This move comes in light of the recent 8.6% decline in the Trust’s shares, which coincided with a 5.8% drop in the price of Bitcoin.
The Grayscale Bitcoin Trust is a popular investment vehicle for institutional investors who want exposure to Bitcoin without directly owning the cryptocurrency. It allows investors to gain exposure to Bitcoin’s price movement through shares of the Trust.
Cathie Wood, the founder and CEO of ARK Invest, has been a vocal supporter of Bitcoin and other cryptocurrencies in the past. However, this recent sale of shares in the Grayscale Bitcoin Trust suggests that she may be adjusting her firm’s position on the cryptocurrency.
It is worth noting that ARK Invest manages several actively managed exchange-traded funds (ETFs), which have been known for their investments in disruptive technologies like electric vehicles and genomics. Wood’s decision to sell shares in the Grayscale Bitcoin Trust could be a strategic move to reallocate capital to other investments that she deems more promising at the moment.
In the ever-changing world of cryptocurrencies, it is not uncommon for investors to adjust their positions based on market conditions and new information. While Cathie Wood’s decision to sell shares in the Grayscale Bitcoin Trust may raise eyebrows in the crypto community, it is a reminder that even well-known and respected investors are not immune to changes in market sentiment. It will be interesting to see how ARK Invest’s stance on Bitcoin evolves in the future and what other investments they may make in the crypto space.
