Cathie Wood: Ark dumps 500K GBTC shares, adds Coinbase stock as Bitcoin recovers 40%

Cathie Wood: Ark dumps 500K GBTC shares, adds Coinbase stock as Bitcoin recovers 40%


Cathie Wood’s Ark Invest offloaded a chunk of its Grayscale Bitcoin Trust (GBTC) shares since November’s Bitcoin (BTC) price lows, the latest data shows.

Cathie Wood’s Ark short-term cautious on GBTC

Ark Invest added 450,272 GBTC shares worth $4.5 million to its ARK Next Generation Internet ETF (ARKW) in November 2022. At the time, GBTC was trading in the $7.46-$9.48 range versus $12.25 in January 2023.

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GBTC price, of course, recovered alongside Bitcoin, rising roughly 40% from its November lows. The recovery in January also helped reduce the GBTC “discount” from nearly 50% to 40%, according to YCharts.

GBTC daily price chart. Source: TradingView

Interestingly, the share price rebound coincided with a reduction in ARKW’s GBTC holdings by 500,000 shares, suggesting profit taking in the short ter.

GBTC shares (purple) in Ark’s ETF versus its

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