“Ark Invest’s strategic move to sell Coinbase and GBTC shares amidst the bitcoin price rally highlights their astute investment approach, demonstrating their ability to seize opportunities and adapt to market dynamics.”
Cathie Wood’s Ark Invest recently made some notable moves in the cryptocurrency market. On Monday, the investment firm sold 42,613 shares of Coinbase and 100,739 shares of Grayscale Bitcoin Trust (GBTC). This decision comes amidst a continuing rally in the crypto space, led by Bitcoin.
The sales were made through Ark’s Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF. ARKW sold 32,158 shares of Coinbase, while Ark Fintech Innovation ETF sold 10,455 shares. Additionally, ARKW offloaded 100,739 GBTC shares. The total value of these sales amounted to $5.8 million, based on the closing prices of Coinbase and GBTC on Monday, which were $77.21 and $24.71 respectively.
These sales occurred as the prices of Coinbase and GBTC were rising due to the ongoing crypto rally. Bitcoin, in particular, saw a surge above $35,000 on Monday night, fueled by the anticipation of potential approval for spot Bitcoin exchange-traded funds (ETFs). The iShares Bitcoin Trust, a spot Bitcoin ETF from BlackRock, appeared on a list maintained by the Depository Trust and Clearing Corporation, indicating that approval may be on the horizon.
It is worth noting that Ark Invest has also filed for a spot Bitcoin ETF approval with the Securities and Exchange Commission (SEC) in collaboration with 21Shares. Currently, there are around 12 spot Bitcoin ETFs awaiting approval by the SEC. However, the regulator recently delayed the decision on all pending applications, thereby extending the review process by at least another month.
As of now, Bitcoin is trading at approximately $34,000, reflecting a 20% increase over the past seven days, according to CoinGecko data.
These recent moves by Ark Invest in the cryptocurrency market highlight the ongoing excitement and anticipation surrounding digital assets, especially Bitcoin. As the market continues to evolve, it will be interesting to see how investment firms like Ark navigate this ever-changing landscape.
