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Ark Completely Closes Grayscale Bitcoin Trust Position: This Could Be the Goal - Coin Bulletin
Cathie Wood's ARK has completely closed its position in the Grayscale Bitcoin Trust (GBTC).
A month ago, ARK completely closed its GBTC position, which had the largest share in its portfolio, for about $100 million.
With half of the money, the company invested in BITO, the first futures Bitcoin exchange-traded fund (ETF)** to begin trading in the United States. According to Bloomberg analyst Eric Balchunas, ARK is using BITO as a liquidity transition tool to maintain exposure to Bitcoin.
"Thus, ARK has become the second largest investor in BITO, even though this is a temporary parking area. They (and institutions in general) use high-liquidity ETFs for such transitions." *Said.
According to Bloomberg analysts, ARK could transfer the proceeds from GBTC sales to its own spot Bitcoin exchange-traded fund.
The U.S. Securities and Exchange Commission (SEC) will make a final decision on ARK's ARK 21 Shares Bitcoin ETF in partnership with 21Shares on Jan. 10.
According to the analysis, ARK's influx of more than $100 million in cash into its own ETF could increase the fund's volume, putting it one step ahead of its competitors.