Grayscale Bitcoin Trust (GBTC) Share Sale Triggers Crypto Speculation

Adekunle Joshua

Cathie Wood's ARK has sold more than 100,000 Grayscale Bitcoin Trust (GBTC) shares worth $2.5 million as the crypto market surges in anticipation of Bitcoin ETF approval

GBTC reaches a new all-time high of $24.7 for the first time since May 2022. It has experienced a 200% year-to-date surge and has risen nearly 30% in the past 30 days

This transaction marks ARK's first reported GBTC sale since November 2022 when they acquired over 450,000 GBTC shares

ARK's recent GBTC sale has sparked numerous questions regarding their ETF filing with the SEC

Some crypto traders speculate that if ARK's Bitcoin ETF is approved, it could replace GBTC in ARK's portfolio

In addition to GBTC, ARK has also made moves in Coinbase and Robinhood shares.

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