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

cointelegraph.com:

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.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.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.Interestingly, the share price rebound coincided with a reduction in ARKW's GBTC holdings by 500,000 shares, suggesting profit taking in the short term.Moreover, Ark's reduction in shares since November appears in line with its officially "bearish view" on the Grayscale Bitcoin Trust, as mentioned in its December report, which stated that:The company also expressed concerns about Genesis Global, a cryptocurrency lender owned by DCG.

Genesis filed for bankruptcy while claiming $1 billion to $10 billion in liabilities to over 100,000 creditors.Meanwhile, Grayscale has been unable to convert its Bitcoin trust into an ETF following rejections from the U.S.