Cathie Wood’s Net Worth in Flux as ARK Invest Sells Off $100M GBTC Holdings, Fuels Bitcoin Futures ETF Investment

In a recent financial move affecting Cathie Wood’s net worth, ARK Invest, under the guidance of the respected investor, sold its remaining $200 million Grayscale Bitcoin Trust (GBTC) holdings on December 28.

The details were disclosed by Bloomberg ETF analyst Eric Balchunas, providing insights into this substantial transaction.

Allocating half of the proceeds, approximately $100 million, from the GBTC sale, ARK Invest entered the realm of Bitcoin Futures ETF by investing in Bito.

While industry experts view this as a temporary placement, anticipating a shift towards a more liquidity-rich portfolio, the move has catapulted ARK Invest to become the second-largest Bito holder, according to Balchunas.

Today ARK sold its entire remaining $GBTC position (it was ARKW's biggest holding only a month ago) and used half the money $100m-ish to buy $BITO, likely as liq transition tool to keep beta to btc while it legs into $ARKW or $ARKB. End of an era. h/t @DilksJay @funwithnumberz pic.twitter.com/J1i92qcmzo

— Eric Balchunas (@EricBalchunas) December 28, 2023

ARK Invest initiated the offloading of GBTC shares in October, coinciding with the Bitcoin price surge of $34,000. Initially, the investment firm sold 100,739 GBTC shares worth $2.5 million from its ARK Next Generation Internet ETF (ARKW).

Later, on December 19, ARK Invest made another significant sale, liquidating 809,441 GBTC shares valued at $27.9 million.

Diverse Moves Impacting Cathie Wood’s Net Worth Amid Bitcoin ETF Speculation

ARK Invest divested 148,885 Coinbase shares worth $27.5M from ARK Next Generation Internet ETF (ARKW), beyond shedding GBTC.

This financial maneuver comes at a critical juncture amid speculation regarding the approval of a spot Bitcoin ETF.

Cathie Wood and Ark Invest's trade activity from today 12/27 pic.twitter.com/WrKtFlNKoD

— Ark Invest Daily (@ArkkDaily) December 28, 2023

ETF analysts, led by Balchunas, foresee a 99% probability for Bitcoin ETF approval before the January 10, 2024 deadline. ARK Invest’s CEO, Cathie Wood, a well-known advocate for Bitcoin, has expressed confidence in the approval of a spot Bitcoin ETF.

In a recent interview, Wood noted potential short-term impacts on BTC prices but remains optimistic about long-term prospects

ARK Invest navigates the crypto landscape, influencing Cathie Wood’s net worth with dynamic shifts in the investment portfolio. Strategic liquidation and reallocation showcase the firm’s commitment to adapting to trends and positioning for future crypto developments