The tweet mentioned that in the previous week, Cathie Wood had attracted attention for promoting unrealistic BTC predictions, suggesting a surge beyond $1,480,000. In contrast to her public bullish stance, ETF Trading data indicated that she had been discreetly offloading more than 700,000 shares of Bitcoin Grayscale Trust through her Ark ETF, resulting in a significant reduction in Ark’s BTC exposure.
The tweet drew parallels with a similar scenario in 2021 when Woods was encouraging people to buy Tesla (NASDAQ:TSLA) shares and setting ARK’s price targets at $3,000, all while covertly reducing their positions by -84%. The current situation, as speculated by the tweet, raises questions about the transparency of Wood’s investment strategy and the potential impact on Ark Invest’s overall portfolio performance.
Interestingly, Ark Invest has submitted an application for a spot Bitcoin ETF, and Wood highlighted a noteworthy development with the Securities and Exchange Commission (SEC). Instead of an outright rejection, the SEC followed up on Ark’s latest application with questions, leading Wood to speculate that “something has changed” in the regulatory landscape. According to Wood, this change increases the likelihood of the spot Bitcoin ETF gaining approval.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
