In a recent development that has raised eyebrows in the cryptocurrency community, , CEO of Ark Invest, appears to be reducing her firm’s Bitcoin exposure.
This move comes in direct contrast to her unwavering public support for the digital asset, leaving many wondering whether the outspoken advocate is losing faith in Bitcoin’s future.
Cathie Wood has been a vocal advocate for bitcoin org
This isn’t the first time Wood’s actions have clashed with her public statements. A similar scenario unfolded in 2021 when Ark Invest endorsed Tesla shares, aiming for a lofty $3,000 price target while simultaneously reducing their company positions by a significant 84%. Such differences between public support and behind-the-scenes moves raise questions about how well Ark Invest’s public statements align with its actual investment choices.
On November 10, 2023, Ark Invest sold over 200,000 shares in the Grayscale Bitcoin Trust (GBTC) during a 10% rally in the BTC investment vehicle. These sales, totaling around $6 million, were part of a series of smaller transactions throughout the week. Interestingly, despite these sales, GBTC maintains a substantial presence in Ark’s Next Generation Internet ETF (ARKW).
The sales unfolded against a positive backdrop for GBTC, boasting a nearly 250% surge in 2023, outpacing Bitcoin’s already impressive 123% rise. grayscale Investment
For investors and enthusiasts, Wood’s bullish Bitcoin predictions, while grabbing headlines, clash with Ark Invest’s seemingly different investment moves. Navigating this landscape demands a nuanced understanding of potential strategic plays, urging investors to consider the broader market implications of high-profile investment shifts.
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