Cathie Wood, CEO of Ark Invest, has been quietly decreasing her firm's exposure to bitcoin through the Grayscale Bitcoin Trust (GBTC). According to WhaleWire, Ark has dumped over 700,000 shares of GBTC, significantly reducing its holdings.
This contradicts Wood's public statements, in which she has touted an optimistic/bullish outlook on Bitcoin and predicted its price could surge over $1.48 million.
WhaleWire is accusing Wood of saying one thing publicly to support Bitcoin's price, while her funds' actions behind the scenes tell a different story by reducing exposure.
They draw a parallel to 2021 when Wood publicly urged buying Tesla stock while Ark was secretly dumping its Tesla position significantly (-84%).
In both cases, WhaleWire alleges Wood talked up certain assets to influence prices, even as her funds stealthily decreased investments contrary to her rosy public predictions.
It's important to note that Wood is not the only one who has been decreasing their exposure to bitcoin. Many other investors have also been doing so, as the price of bitcoin has fallen sharply in recent months.
This is likely due to a number of factors, including the Federal Reserve's interest rate hikes, which have made riskier assets less attractive.
It remains to be seen whether bitcoin will continue to fall in value, or if it will recover and reach new highs. However, Wood's actions suggest that she is not as bullish on Bitcoin as she once was.
Reference:
https://x.com/WhaleWire/status/1727920259192020997