GBTC could grow 100% by mid 2023 if Bitcoin price recovery continues.
Nonetheless, as of Jan. 23, GBTC's share weight in Ark's portfolio has actually increased to 0.52% compared to its November 2022 low of 0.35%.Ark's selling of GBTC shares in the past weeks coincided with accumulation of Coinbase shares.
Cathie Wood's ARKW added 320,000 COIN shares in 2023. As a result, the Coinbase stock's weight in Ark Invest's combined ETF portfolios has reached nearly 3.62% on Jan. 23 versus 2.73% at the start of this year.
"Any bad news, be it Cathie Wood selling out of GBTC or DCG going bankrupt, will spark the same fears and doubt - of uncertainty - and likely cause an expansion of the discount once again," the firm"With Bitcoin having no real catalyst in the short term and plenty of potential downside catalysts, there are plenty of risks here from the NAV side as well."On the daily chart, GBTC has reclaimed its 50-day exponential moving average near $9.68 as support.
“We recommend GBTC…as a way to play Bitcoin because it has a ‘potential NAV kicker rebate,’ which not only means it would go up if Bitcoin goes up, but also closing its current large 35% rebate on NAV,” Ned Davis Research said in a note to clients. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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