ARK Invest Sells Grayscale Bitcoin Trust, Buys Bitcoin ETFs Ahead of SEC Decision
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Cathie Wood's ARK Next Generation Internet ETF (ARKW) exited its entire position in Grayscale Bitcoin Trust (GBTC) ahead of the SEC's decision on Bitcoin ETFs, citing "abundance of caution".
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ARKW acquired shares in the ProShares Bitcoin Strategy ETF and ARK 21Shares Active Bitcoin Futures Strategy ETF instead.
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The moves come as ARK Invest and 21Shares have a pending spot Bitcoin ETF application with the SEC that Wood is optimistic about.
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ARKW also acquired more shares in Block Inc (SQ) and sold some of its position in Coinbase Global Inc (COIN).
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The portfolio adjustments align with Wood's recent optimism about the SEC likely approving a spot bitcoin ETF in January.