Cathie Wood discusses reasons for selling all GBTC holdings: there is currently tax and regulatory uncertainty

According to Bloomberg ETF analyst Eric Balchunas, Cathie Wood discussed the sale of GBTC holdings on BBTV, stating: "Currently, there is uncertainty regarding taxation and regulation for GBTC. We do not know who will receive approval. We know that we have met the requirements, but we are unsure about others. Additionally, the discount has significantly narrowed, which is a double positive for us." Previously, Bloomberg ETF analyst Eric Balchunas stated that ARK Invest had sold all of its remaining GBTC positions (which were previously the largest holding in ARKW) and used approximately $100 million of half of the funds to purchase shares of ProShares Bitcoin Futures ETF (BITO), possibly as a liquidity transition tool to maintain its beta with Bitcoin at a certain level when transitioning to ARKW or ARKB.