ARK Invest sold $5 million worth of GBTC shares last week

On November 27th, Cathie Wood-led ARK Invest continued to sell shares of Grayscale Bitcoin Trust (GBTC) last week, selling a total of 163,722 shares and earning about $5.02 million based on the closing price, as reported by CoinDesk. ARKW ETF sold a total of 579,077 shares in November, earning about $16.9 million based on the closing price. ARK Invest usually buys into crypto-related shares when they fall and sells them when they rise to make a profit.
The negative premium rate of GBTC narrowed to 8.6% on Friday, the lowest point since July 2021. Analysts attributed this improvement to Grayscale's meeting with the US Securities and Exchange Commission (SEC) to discuss converting the trust into a spot ETF.