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Over the last week, Cathie Wood & ARK Invest did something shocking. They sold off their entire Bitcoin position, which they were holding in the Grayscale Bitcoin trust.
This was well over $100 million dollars worth of exposure to Bitcoin.
For ARK Invest & Cathie Wood, this seems insane, as they have been Bitcoin’s biggest advocate, with price targets in 2030 of 1.4 Million dollars.
So why would they sell?It all comes down to the coming Bitcoin ETFs. Many analysts believe Cathie Wood sold off their Bitcoin in preparation for the approval of a spot Bitcoin ETF.
ARK Invest have a pending application, so it’s believed they are going to use the money they had in the Grayscale trust, to SEED the first investment in their own Bitcoin ETF.
By doing this, they will hopefully attract more investors into their specific ETF.
In Cathie’s latest interview, she breaks down why she ended up selling & also gives her outlook for Bitcoin in 2024.
I Sold Our Bitcoin Position, What’s NEXT Is Massive – Cathie Wood Bitcoin ETF
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