ARK Investment Management, led by CEO Cathie Wood, has been selling shares in Grayscale Bitcoin Trust (GBTC) despite bitcoin‘s recent surge to its highest price since May 2022. The firm has sold more than 700,000 shares since October 23 and continued its divestment this Wednesday. These sales come at a time when the cryptocurrency sector is facing increased regulatory scrutiny, with industry figures like Binance‘s CZ and FTX’s Sam Bankman-Fried in the spotlight.
Despite the sell-off, Wood spoke positively about GBTC at the Sohn Australia conference, which was held at the Sydney Opera House (NASDAQ:OPRA). She highlighted GBTC as a prime investment, indicating her long-term confidence in the asset. At the end of September, ARK remained a significant shareholder in GBTC with over five million units.
ARK management’s strategic decisions have been reflected in the performance of its Internet ETF, which has outperformed the market with a 65% gain compared to the Nasdaq’s 46% gain. This remarkable growth has been driven by active management decisions rather than investor flows into or out of the fund.
