The Grayscale Bitcoin Trust (GBTC) saw more sales last week from Cathie Wood’s ARK Invest, which sold 163,722 shares for $5.02 million at closing prices. The investment vehicle’s discount to its net asset value also shrank to its lowest level in over two years.
Based on the closing share price of the relevant day, the sales brought the Next Generation Internet ETF (ARKW)’s total shares dropped to 579,077 for November, earning it approximately $16.9 million.
When cryptocurrency-related stocks see a dip, ARK Invest frequently buys them in bulk and sells them when the market turns more optimistic in order to profit.
The discount dropped to 8.6% on Friday, the lowest level since July 2021, reflecting growing confidence that the United States will eventually approve a spot bitcoin exchange-traded fund (ETF). Analysts credited Grayscale’s meeting with the Securities and Exchange Commission (SEC) regarding the trust’s conversion into a spot ETF for the improvement. Last December, the discount dropped to an all-time low of nearly 50%.