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Following reviews about Cathie Wood’s asset administration agency Ark Invest offloading all of the remaining shares of Grayscale Bitcoin Trust ($GBTC), Bloomberg Intelligence analyst Eric Balchunas knowledgeable that the agency diverted a good portion of the share sale funds to buy ProfessionalShares Bitcoin Strategy ETF ($BITO) inventory.
Also Read: Bitcoin ETF: Attorney Says US SEC’s Holiday Week Meetings Means “It’s Coming”
Cathie Wood Prioritizing Bitcoin ETF Space
Earlier, CoinGape reported that Cathie Wood offered off the whole holdings of Grayscale GBTC remaining remaining within the Ark Invest portfolio, probably in anticipation of the spot Bitcoin ETF approval earlier than the January 10, 2024 deadline. Interestingly, GBTC was Ark Invest’s largest holding till not too long ago. According to knowledge from the Bloomberg analyst, Ark Invest offered all its remaining place in $GBTC solely to quickly place a big a part of the fund in one other Bitcoin ETF inventory, the ProfessionalShares $BITO inventory.
Balchunas revealed that the Cathie Wood firm invested half of the funds, value round $100 million, from GBTC sale to purchase $BITO. This is probably going part of Ark Invest’s technique to have $BITO as a liquid transition device previous to ARK 21Shares Spot Bitcoin ETF ($ARKB) and ARK Next Generation Internet ETF ($ARKW) turning into a actuality. With the funding in $BITO, Ark Invest turned the second largest holder of the ProfessionalShares Bitcoin Strategy ETF inventory.
“Just like that ARK is now the second biggest holder of $BITO, although again this is a temporary parking spot.”
The ARK 21Shares Bitcoin ETF
It was on April 25, 2023 that Ark Invest and 21Shares decided to resubmit the applying for a spot Bitcoin ETF. Prior to this, the U.S. Securities and Exchange Commission’s (SEC) denied a number of functions for the spot ETF, together with 21Shares’ filings. However, the US regulator has proven indicators of a turnaround in its method in the direction of ETFs probably owing to its loss within the Grayscale lawsuit, during which the US Court dominated that the SEC evaluation its earlier denial of Grayscale’s ETF software.
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