Cathie Wood's ARK Invest dumped its entire leftover Grayscale Bitcoin Trust position worth $200 million this week. The firm immediately redeployed half from the GBTC sale into the BITO bitcoin futures ETF.

Bloomberg analyst Eric Balchunas speculated ARK likely views the futures product as a temporary parking spot for liquidity ahead of rotating into spot bitcoin exposure pending an imminent ETF approval.

The wholesale liquidation caps months of ARK chipping away at GBTC holdings once occupying the top spot in its portfolio. It also unloaded nearly $30 million worth of Coinbase stock as bets heighten around a potential SEC green light.

With ETF analysts giving January approval a 99% probability, CEO Cathie Wood notes that while short-term volatility could ensue, the long-term outlook remains wildly bullish upon unlocking an easier bitcoin onramp for mainstream investors.

So ARK's forceful transition out of Grayscale in favor of futures and eventual spot exposure signals confidence the years-long wait for an SEC blessing may soon end.