Cathie Wood’s Ark Invest Quietly Dumps Bitcoin Holdings Despite Public Bullish Stance

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In a recent development that has raised eyebrows in the cryptocurrency community,  cathie wood cathie wood founder and ceo at ark invest Cathie Wood was born on November 26, 1955, in Los Angeles, her father served in the British army and the united states air force as a radar system engineer. In 1981 she graduated summa cum laude from the University of Southern California, with a bachelor of science degree in finance and economics. One of her professors was economist Arthur Laffer, who became Wood's mentor.    In 1977 she got a job as an assistant economist at Capital group, via her mentor Arthur Laffer. Where she worked for three years. Then she moved to New York City to take a job at Jennison Associates as chief economist, analyst, portfolio manager, and managing director. She worked there for 18 years.    In 1998, she along with Lulu C. Wang co-founded Tuelo capital management, a hedge fund based in New York City. She began her career at AllianceBernstein in 2001 as the chief investment officer of global theme strategies, a position she held for 12 years.  After her idea for actively managing exchange-traded funds based on disruptive innovation was deemed too risky by alliance Bernstein, she left the company and founded Ark of the covenant. ARK’s first 4 ETFs were seeded with capital from Bill Hwang of Archegos Capital.    She was chosen for the inaugural Forbes 50 Over 50 list in 2021, which includes entrepreneurs, leaders, scientists, and innovators over the age of 50. EntrepreneurChief Executive OfficerChief Information OfficerEconomist , CEO of Ark Invest, appears to be reducing her firm’s Bitcoin exposure despite her public stance that remains overtly bullish on the cryptocurrency.

Cathie Wood has been a vocal advocate for bitcoin org bitcoin org Event OrganiserTechnologyPayment solution  , projecting an ambitious price target of over $1,480,000. Her optimistic predictions have been a constant in the crypto news cycle, influencing investor sentiments significantly. However, recent ETF trading data tells a different story, revealing that Ark ETF has offloaded over 700,000 shares of the Bitcoin Grayscale Trust. Contrary to her public bullish outlook, this move indicates a significant decrease in Ark’s Bitcoin exposure.

A Pattern of Contrasting Behaviors

This isn’t the first time Cathie Wood’s actions have diverged from her public statements. A similar pattern was observed in 2021 when Ark Invest encouraged investments in Tesla shares, setting an aggressive price target of $3,000 while reducing their company positions by 84%. Such contrasting behaviors between public endorsements and private investment strategies raise questions about aligning Ark Invest’s public statements with its investment strategies.

Further compounding the matter is that on 10 November 2023, Ark Invest sold over 200,000 shares in Grayscale Bitcoin Trust (GBTC) when the BTC investment vehicle experienced a 10% rally. These sales, totaling approximately $6 million, were part of a series of smaller transactions earlier in the week. Despite these sales, GBTC remains significant in Ark’s Next Generation Internet ETF (ARKW).

Legal Victories and SEC Discussions

The sales occurred in a favorable backdrop for GBTC, which has seen a near 250% rally in 2023, outpacing Bitcoin’s own impressive 123% rise. grayscale grayscale Lending & Borrowing   Investments, the parent company of GBTC, recently won a legal victory against the U.S. Securities and Exchange Commission over rejecting its application to convert GBTC into a spot bitcoin ETF. Discussions with the SEC have since resumed, potentially paving the way for a spot ETF in the U.S., a bullish indicator for the broader cryptocurrency market.

For investors and market watchers, this development poses critical questions. While Cathie Wood’s bullish predictions for Bitcoin continue to make headlines, the contrasting investment actions of Ark Invest suggest a more complex strategy at play. Investors may need to navigate this landscape with a nuanced understanding of the possible strategic plays and consider the broader market implications of such high-profile investment shifts.