Crypto market developments continue to attract attention. According to recent news, ARK Invest, which sold approximately 700,000 shares of Grayscale Bitcoin Trust (GBTC) last month, has acquired 4.3 million GBTC shares worth $131.8 million in its Next Generation Internet ETF fund. It remains to be seen how company officials will react to this situation.
Despite ARK Invest selling 700,000 GBTC shares last month, Bitcoin reached its highest levels in 17 months with the excitement of the expected approval of a spot Bitcoin exchange-traded fund (ETF). According to daily trading data from ARK Invest, the ARK Invest Next Generation Internet ETF fund (ARKW) sold 36,168 GBTC shares on November 22, bringing the total number of GBTC shares sold since October 23 to 697,768.
On November 22, ARKW was trading at around $30 per share, while GBTC made a sale of approximately $1 million. According to Google Finance data, the share closed at $30.50 on that day. US markets were closed on November 23 due to Thanksgiving Day.
ARK started selling Grayscale Bitcoin Trust shares as Bitcoin reached the $34,000 levels on October 23, 2023. The previous GBTC transaction announced by ARK Invest occurred when company officials sold 450,272 GBTC shares in November 2022.
Despite selling approximately 700,000 GBTC shares last month, ARK Invest’s ARKW fund still holds 4.3 million GBTC shares worth $131.8 million. According to the data provided on its official website, as of November 24, Grayscale Bitcoin Trust accounted for 9.2% of the ARKW portfolio, ranking third after Coinbase and Roku shares.