ARK Invest, one of the applicants for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, has continued to dump its holdings of Grayscale Bitcoin Trust (GBTC) stock with the sale of yet another significant batch of shares.

On Dec. 18, ARK sold 809,441 GBTC from its ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph. Based on the closing share price of $34.5, the sale is worth $27.9 million, according to data from TradingView.

This latest divestment further reduces ARK’s exposure to Grayscale Bitcoin Trust, with GBTC inching closer to dropping out of the list of ARKW’s top three holdings.

As of Dec. 18, GBTC still ranks as…

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