ARK Investment Management, led by prominent investor Cathie Wood, has recently sold over 700,000 shares of the Grayscale Bitcoin Trust (GBTC) – a security format for investors to gain Bitcoin exposure – in a move that runs action against Wood’s bullish sentiment on the cryptocurrency. Bitcoin has surged in value this year and reached its highest level since May 2022 earlier this month. Despite the increasing regulatory uncertainties and recent actions against key figures in the cryptoindustry, Wood has publicly expressed confidence in GBTC. This contrasts ARK’s active decision to reduce its GBTC holdings, which stood at 5.6 million as of September 30. The daily trading updates from ARK appear to suggest that the decision to reduce does not appear to be related to investor flows. ARK’s other performances remain strong this year, with the Next Generation Internet ETF displaying a 65% increase compared to the Nasdaq 100 Index’s 46% advance.



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