ARK Invest Sells Off GBTC Shares, Becomes Second-Largest Holder of Bitcoin Futures ETF BITO
ARK Invest, the investment firm led by Cathie Wood, has sold off its remaining holdings of Grayscale Bitcoin Trust (GBTC) shares, worth around $200 million, and used $100 million of the proceeds to buy shares in the ProShares Bitcoin Strategy ETF (BITO). This move has made ARK Invest the second-largest holder of the Bitcoin futures ETF. The firm's reshuffling of its portfolio comes amid speculation around the possible approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), with hopefuls rushing to finalize their applications before a potential approval window in January.
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