ARK Invest, the flagship fund of billionaire investor Cathie Wood, has sold $28 million worth of its shares in the Grayscale Bitcoin Trust (GBTC), a popular vehicle for investing in bitcoin (BTC), as the cryptocurrency approached its all-time high of over $43,000.
The sale of ARKW’s holdings of GBTC has reduced to 3.4 million shares ($117.4 million) from 9 million shares in July. ARKW bought GBTC shares at an average price of $24.08 per share in July 2021, when bitcoin was trading below $30,000 and GBTC was trading at around $40 per share.
Since the initial purchase, both Bitcoin and GBTC have soared in value, with Bitcoin reaching a new record high of over $42,900 on Monday and GBTC trading at around $34 per share.
Bitcoin is currently trading at $ 43,063.61 with a current market cap of $840.41 Billion. 24-hour trading volume is $25.97 Billion. Bitcoin is +5.2% in the last 24 hours. Over the last 30 days, Bitcoin has increased by 17.39%. Due to this, we can only recover slightly in the coming month.
Ark Invest’s Visionary Crypto Investment Strategy
Ark Invest is known for its innovative and visionary approach to investing in disruptive technologies and companies. The firm has been investing in crypto-related stocks since 2018 when it launched its first Bitcoin ETF.
Since then, Ark Invest has expanded its crypto portfolio to include other digital assets and platforms, such as Ethereum, Cardano, Polkadot, Chainlink, Uniswap, and more. The firm also holds shares of Grayscale Bitcoin Trust (GBTC), a fund that tracks the price of Bitcoin and trades on major exchanges.
Ark Invest’s founder and CEO, Cathie Wood, is one of the world’s most influential and respected investors. She is also known for her bold predictions and contrarian views on various markets and sectors.
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