Ark sells $5 million worth of Grayscale Bitcoin Trust | CoinDesk JAPAN

Cathie Wood’s ARK Invest sold more Grayscale Bitcoin Trust (GBTC) last week, offloading 163,722 units for a closing price of approximately $5.02 million. The company earned 753 million yen (exchanged at 1 dollar = 150 yen). Meanwhile, the investment vehicle’s discount rate to its underlying assets has narrowed to its lowest level in more than two years.

This sale brings the total number of units sold by the Next Generation Internet ETF (ARKW) to 579,077 units in November, for a gain of approximately $16.9 million (approximately 2,535 million yen) based on the closing price on the day of the sale. It turns out.

Ark Invest often secures profits by buying more crypto assets (virtual currencies) when they are on the decline and selling them when they are bullish.

On November 24th, the GBTC discount rate narrowed to 8.6%, the lowest level since July 2021, as Bitcoin spot exchange-traded funds (ETFs) will be approved in the US. This shows a growing sense of optimism. Analysts attribute this improved sentiment to Grayscale’s talks with the U.S. Securities and Exchange Commission (SEC) to turn the trust into a spot ETF. Last December, the discount rate hit an all-time low of almost 50%.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Ark Investment CEO Cathie Wood (Danny Nelson/CoinDesk)
｜Original text: ARK Invest Sold $5M Worth of Grayscale Bitcoin Trust Shares Last Week