This move is part of a broader rebalancing effort by Ark Invest, as it transitions from the Grayscale Bitcoin Trust (OTC:GBTC) to its own Ark21Shares Bitcoin ETF (NYSEARCA:ARKB). The shift indicates a strategic reallocation within Ark’s portfolio, focusing more on its proprietary Bitcoin ETF offering.
Despite the sale, Cathie Wood, the CEO of Ark Invest, remains optimistic about the future of Bitcoin. Wood has projected a significant increase in the value of Bitcoin, suggesting that it has the potential to reach $1.5 million by 2030. Her bullish outlook on the cryptocurrency underscores the confidence she and her firm have in the long-term prospects of digital assets.
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