ARK Invest Dumps $60 Million in Grayscale Bitcoin Trust Ahead of Clarity Act Vote

Cathie Wood's ARK Invest has dumped $60 million worth of Grayscale Bitcoin Trust (GBTC) shares, according to a recent disclosure. This move comes ahead of the expected vote on the Clarity Act, which could potentially change the way GBTC is valued.

The Clarity Act aims to remove the market price premium that GBTC has been experiencing due to its unique structure as an over-the-counter (OTC) trust. The bill's passage would likely lead to a revaluation of GBTC shares and potentially affect their trading value.

Wood's decision to sell $60 million worth of GBTC shares may be seen as a response to the uncertain market conditions surrounding the Clarity Act vote. However, it is essential to note that ARK Invest may own other assets and has not disclosed any specific holdings or strategies related to this transaction.