The global digital asset industry witnessed a broad market recovery on Thursday as fear among investors over the critical Binance situation faded away. The biggest of the cryptos like Bitcoin (BTC) and Ethereum (ETH) price surged by around 3% in the last 24 hours. Meanwhile, Cathie Wood led ARK Invest seems to be dumping Grayscale Bitcoin Trust (GBTC) amid the BTC price jump.
ARK Invest dumps Grayscale Bitcoin Trust
As per the details shared by Ark Invest Daily, ARK Next Generation Internet ETF (NYSEARCA: ARKW) sold around 36,168 units of Grayscale Bitcoin Trust in the latest trading activity. The cumulative worth of GTBC dumped by the asset management company stands at around $1.1 million.
However, this is not the first time this week that ARKW sold GBTC shares. On November 22, 2023, it went on to dump 32,980 units of Grayscale Bitcoin Trust. Its worth stood around $1 million.
Data depicts that the market price of GBTC on November 22 stands at around $30.45. Meanwhile, the holding per share price is still $33.75. This suggests that Grayscale Bitcoin Trust share is trading at a discount of more than 9%. Grayscale’s total Bitcoin holding under the trust amounts to $23.24 billion.
BTC on an upward rally
Bitcoin price is riding high on an upward rally after a week of mild turbulence in the crypto market. BTC price is up by 126% on the year to date (YTD) basis which has helped the Grayscale Bitcoin Trust to cut its huge discount. Bitcoin is trading at an average price of $37,487, at the press time. Meanwhile, its 24 hour trading volume is down by 21% to stand at $21 billion.
Cathie Wood’s Ark Invest made another noteworthy move on Wednesday by adding over $12 million worth of Zoom Video Communications (NASDAQ: ZM) stock. The decision came after Zoom’s positive earnings report, surpassing expectations and indicating potential growth. Ark Invest invested $12.61 million in Zoom shares through its ARK Innovation ETF (NYSE: ARKK) and the ARK Next Generation Internet ETF (NYSE ARKW), acquiring a total of 197,554 shares.
