Ark Invest, an asset management firm led by Katie Wood, sold about two million shares of Grayscale Bitcoin Trust (GBTC) on Wednesday as the mid-January deadline approaches for the Securities and Exchange Commission to approve or reject Ark’s spot bitcoin ETF.

Hoping to launch a bitcoin ETF, Ark has exchanged its GBTC holdings for shares of the ProShares Bitcoin Strategy ETF (BITO) worth about $92 million. Ark Next Generation Internet ETF (ARKW) sold GBTC shares and purchased BITO pending approval of a new bitcoin ETF.

Wood said Thursday on Bloomberg TV that the deal was done because an already approved ETF is a safer bet than an ETF conversion that hasn’t happened yet. “There’s no regulatory uncertainty with respect to [BITO], so we chose to maintain our stake through BITO at this point,” Wood said.