Cathie Wood’s ARK Invest Fund Dumps Grayscale Bitcoin Trust (GBTC) Shares Ahead of Looming ETF Decision: Report
An exchange-traded fund (ETF) managed by Cathie Wooden’s ARK Make investments has reportedly liquidated all of its holdings in crypto big Grayscale’s flagship Bitcoin (BTC) belief product.
In response to Bloomberg, the ARK Subsequent Technology Web ETF unloaded its remaining 2.25 million shares of the Grayscale Bitcoin Belief (GBTC) on Wednesday.
Wooden’s fund additionally accrued 4.32 million shares of the ProShares Bitcoin Technique ETF for BTC futures publicity on the identical day.
The event comes amid optimism that the U.S. Securities and Change Fee (SEC) will lastly approve the primary US spot Bitcoin ETF on January tenth.
The SEC beforehand rejected Grayscale’s bid to transform GBTC right into a spot Bitcoin ETF, prompting the corporate to file a lawsuit. In August, a federal choose dominated that the securities watchdog ought to rethink the appliance to keep away from arbitrariness and inconsistency.
Citing an announcement from Wooden, Bloomberg stories that the ARK Subsequent Technology Web ETF utterly disposed of its GBTC holdings “out of an abundance of warning” in case the SEC decides to disclaim the belief’s conversion to a spot market BTC ETF.
Says Wooden,
“We don’t know precisely who’s going to be authorised and whether or not they’ve met all the factors that the SEC has put earlier than us. We’re as optimistic about Bitcoin as we’ve ever been.”
Earlier this month, Grayscale CEO Michael Sonnenshein stated that the approval of a spot-based Bitcoin ETF would open the doorways to buyers within the $30 trillion suggested market to get BTC publicity.
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