Cathie Wood’s investment firm ARK Invest has sold 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, even as Bitcoin ( BTC ) hit 17-month highs over excitement for a possible spot Bitcoin exchange-traded fund (ETF).

The ARK Next Generation Internet ETF (ARKW) sold 36,168 GBTC shares on Nov. 22, offloading a total of 697,768 GBTC since Oct. 23, according to ARK’s daily trading data seen by Cointelegraph.

ARKW offloaded roughly $1 million in GBTC as Grayscale’s trust traded around $30 on Nov. 22, closing at $30.50, per Google Finance data . United States markets closed on Nov. 23 for Thanksgiving.

Cathie Wood’s ARK dumps 700K GBTC shares in one month image 0 GBTC daily price on Nov. 22. Source: Google Finance

ARK started selling Grayscale Bitcoin Trust shares on Oct. 23, 2023, as Bitcoin was reaching $34,000. Before that, ARK’s previous reported GBTC transaction was in November 2022, when the firm sold 450,272 GBTC shares.

Related: Grayscale met with SEC to discuss spot Bitcoin ETF details

After selling nearly 700,000 GBTC shares over the past month, ARK’s ARKW still holds $131.8 million worth of GBTC, or more than 4.3 million GBTC shares. As of Nov. 24, Grayscale Bitcoin Trust accounts for 9.2% of ARKW’s portfolio, ranked third after Coinbase and Roku, according to the official ARKW data.

Cathie Wood’s ARK dumps 700K GBTC shares in one month image 1 The ARK Next Generation Internet ETF’s top three holdings by weight. Source: ARK

The ARK ETF that offloaded the funds is up over 68% year-to-date compared to the over 271% posted by Grayscale’s trust, per Google Finance data .

Meanwhile, Bitcoin is up 125% YTD and neared $38,000 on Nov. 16, the highest since May 2022, per Cointelegraph Markets Pro .

Additional reporting by Helen Partz.

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