Bitcoin
$62,858.58-1.33%
Ethereum
$3,166.74-4.57%
Binance Coin
$591.07-2.32%
Solana
$134.69-5.43%
XRP
$0.51382007-1.23%
Dogecoin
$0.14199496-5.53%
Toncoin
$5.22-5.35%
Cardano
$0.45310937-3.24%
Shiba Inu
$0.00002372-4.31%
Avalanche
$34.63-0.84%
Tron
$0.11819965-1.95%
Wrapped Bitcoin
$62,899.18-1.57%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
29
DAYS
19
HR
12
MIN
11
SEC
Markets

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

Digital asset manager Grayscale's bitcoin investment vehicle's shares fell 8.6% Monday, reflecting the day's 5.8% drop in bitcoin.

By Jamie Crawley
AccessTimeIconDec 12, 2023 at 9:39 a.m. UTC
Updated Mar 8, 2024 at 6:32 p.m. UTC
VolumeMuteUnmute
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Read More: Grayscale Setting Up for Bitcoin ETF Race by Hiring Industry Veteran From Invesco

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.