Cathie Wood, the CEO of ARK Investment Management, has recently sold over 700,000 shares of the Grayscale Bitcoin Trust over the last month. ARK has been a major holder of the trust, holding a 6.6% stake in the trust at the end of December.
Wood has made a significant bet on Bitcoin over the past year, having invested in several crypto startups such as Coinbase and Galaxy Digital. She has also been vocal about her long-term bullish outlook on the digital currency, calling it “unstoppable” and “the gold of the 21st century.”
The massive sell-off, however, suggests that ARK is beginning to take profits, or at least rotate out of its positions in Grayscale’s Bitcoin Trust. It is unclear if the sell-off is part of a larger strategy for Wood and her team or simply a move to lock in profits after a huge run-up in value for Bitcoin over the past year.