“Bloomberg: ARK Selling $130M of GBTC to Finance Bitcoin ETF, Boosting Status in ETF Race”
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JUST IN: Bloomberg reports that Cathie Wood’s ARK is poised to lead the initial stages of the spot #Bitcoin ETF race by selling $130 million of GBTC to finance their own Bitcoin ETF 👀
This move will inject significant flows and volume, bolstering the status of their ETF. pic.twitter.com/dQKSlQkht5
— Bitcoin News (@BitcoinNewsCom) November 30, 2023
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ARK Investment Management, the investment firm led by Cathie Wood, is set to take the lead in the race to launch a Bitcoin exchange-traded fund (ETF), according to a report by Bloomberg. The firm plans to sell $130 million worth of Grayscale Bitcoin Trust (GBTC) shares to finance their own Bitcoin ETF.
This move by ARK is expected to inject significant flows and volume into the Bitcoin ETF market, further bolstering the status of their ETF. The sale of GBTC shares will provide ARK with the necessary capital to develop and launch their own Bitcoin ETF, which could potentially attract a large number of investors.
The interest in Bitcoin ETFs has been growing rapidly, with several asset management firms vying to be the first to bring a Bitcoin ETF to market. The approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) has been highly anticipated by investors, as it would provide a regulated and easily accessible way to invest in Bitcoin.
Cathie Wood, known for her bullish stance on disruptive technologies, has been a vocal supporter of Bitcoin and other cryptocurrencies. She has previously stated that she believes Bitcoin could reach a price of $500,000 in the long term. Wood’s firm, ARK Investment Management, already holds a significant amount of Bitcoin in their portfolios.
The sale of GBTC shares by ARK to finance their own Bitcoin ETF is seen as a strategic move to position themselves as a leader in the emerging Bitcoin ETF market. By launching their own ETF, ARK aims to provide investors with a convenient and regulated way to gain exposure to Bitcoin, while also benefiting from the potential growth of the cryptocurrency.
The news of ARK’s plans to sell GBTC shares and launch their own Bitcoin ETF has generated significant excitement among the cryptocurrency community. Many believe that this move could pave the way for other asset managers to follow suit and accelerate the approval of Bitcoin ETFs by regulatory authorities.
However, it is worth noting that the launch of a Bitcoin ETF is still subject to regulatory approval, and there is no guarantee that ARK’s ETF will be the first to be approved. The SEC has previously expressed concerns about the potential for market manipulation and lack of investor protection in the cryptocurrency market.
Despite the regulatory challenges, the interest in Bitcoin ETFs continues to grow, driven by the increasing institutional adoption of cryptocurrencies. If ARK is successful in launching their Bitcoin ETF, it could mark a significant milestone in the mainstream acceptance of Bitcoin as a legitimate asset class..
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@BitcoinNewsCom said JUST IN: Bloomberg reports that Cathie Wood's ARK is poised to lead the initial stages of the spot #Bitcoin ETF race by selling $130 million of GBTC to finance their own Bitcoin ETF 👀 This move will inject significant flows and volume, bolstering the status of their ETF.
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