In a recent development, Cathie Wood’s asset management company, ARK Investment Management, has lessened its shareholdings in the Grayscale Bitcoin Trust (GBTC).
ARK Investment has offloaded over 700,000 GBTC shares since October 23 via its ARK Next Generation Internet ETF. Bloomberg’s request for comments from the asset management company went unanswered.
Despite the divestment, the ARK Next Generation Internet ETF continues to hold over 4.3 million GBTC shares, which are worth around $132 million, as stated by Cointelegraph.
In other cryptocurrency news, Zipmex, a digital currency exchange, has temporarily halted all crypto trading in Thailand in compliance with the country’s Securities and Exchange Commission regulations. Concurrently, the Bitcoin Lightning wallet provider, Wallet of Satoshi, has chosen to withdraw from the U.S. market for reasons not yet disclosed.
On a separate note, Austria’s Raiffeisen Bank is set to offer crypto trading services to its retail customers in collaboration with crypto exchange Bitpanda from January. Also, the blockchain-based game “Axie Infinity” has granted its NFT owners the rights to manufacture and sell authorized merchandise.
ARK Investment’s decision to scale back its Grayscale Bitcoin Trust holdings comes at a time when the broader cryptocurrency market is witnessing significant volatility. This move could potentially signal a cautious approach from the firm towards the crypto market, amid regulatory uncertainties and fluctuating market conditions.
Furthermore, the latest market developments like the temporary suspension of digital asset trading by Zipmex and Wallet of Satoshi’s decision to exit the U.S market highlight the ongoing regulatory challenges that the crypto industry faces globally. These events might influence other investors and institutions’ strategies towards digital assets.
