Cathie Wood Ark Invest Sells More Than 700,000 GBTC Shares

Key Points:

• Cathie Wood Ark Invest trims its Bitcoin holdings by 700,000+ shares.
• Discrepancy arises as Wood endorses Bitcoin while actively decreasing exposure.
• Similar to 2021, Wood’s public enthusiasm contrasts with private asset reduction.

Renowned investor Cathie Wood, known for her optimistic Bitcoin forecasts, has been quietly reducing her firm ARK Investment Management’s exposure to Bitcoin.

Cathie Wood Ark Invest Trims Bitcoin Holdings

According to Bloomberg, despite publicly expressing bullish sentiments and recent headlines about predicting a BTC surge over $1,480,000, Ark Next Generation Internet ETF has reportedly sold over 700,000 shares of the Grayscale Bitcoin Trust since October 23.

ETF trading data reveals a consistent decrease in Cathie Wood Ark Invest’s BTC exposure, with 36,168 shares offloaded just last Wednesday. This move contradicts Wood’s public proclamations and comes amid Bitcoin’s impressive rally, reaching its highest level since May 2022.

The cryptocurrency has more than doubled in value this year, even in the face of regulatory actions against industry figures like Changpeng Zhao of Binance Holdings Ltd. and Sam Bankman-Fried of FTX.

Public Bitcoin Optimism Versus ARK’s Private Sell-Off

Surprisingly, Wood recommended the Grayscale Bitcoin Trust as her top pick at the Sohn Australia conference, held at the Sydney Opera House, just last week. However, ETF provider data compiled by Bloomberg indicates that Cathie Wood Ark Invest was the fourth-largest holder of the trust with 5.6 million units as of September 30, raising questions about the apparent divergence between public statements and investment actions.

This pattern of behavior echoes Wood’s past actions in 2021, when she advocated for buying Tesla shares and set ambitious price targets for ARK, all while discreetly reducing their positions by a significant 84%. The market now observes with interest as Wood’s public enthusiasm for Bitcoin contrasts with the gradual reduction of her firm’s holdings in the Grayscale Bitcoin Trust.

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