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ARK Sells Remaining GBTC Before Spot Bitcoin Decision
Ark Invest, the asset management firm led by Cathie Wood, sold about two million shares of the Grayscale Bitcoin Trust (GBTC) Wednesday as the Securities and Exchange Commission’s final deadline to approve or deny Ark’s spot bitcoin ETF approaches in mid-January. A bitcoin ETF issuer hopeful, Ark traded its GBTC holdings for roughly $92 million worth of shares of the ProShares Bitcoin Strategy ETF (BITO). The Ark Next Generation Internet ETF (ARKW) sold shares of GBTC and purchased BITO in anticipation for a novel spot bitcoin ETF approval. Wood said on Bloomberg TV Thursday that the trade was made because an ... (full story)