“Ark Invest’s strategic move to sell more Coinbase and GBTC shares amidst the ongoing bitcoin rally highlights their commitment to actively manage their portfolio and capitalize on emerging opportunities in the dynamic cryptocurrency market.”
Cathie Wood’s Ark Invest has been selling shares of Coinbase and Grayscale Bitcoin Trust for the past two days. On Tuesday, Ark’s Next Generation Internet ETF sold 21,062 shares of Coinbase and 72,509 shares of GBTC, totaling about $3.6 million. This follows their $5.8 million sale of Coinbase and GBTC shares on Monday.
The recent surge in the price of bitcoin has also led to growth in other cryptocurrencies and crypto-related stocks. Bitcoin has risen nearly 20% in the past week and is currently trading at around $34,200. Market optimism is increasing as there are expectations of spot bitcoin exchange-traded funds receiving approval in the U.S. This could potentially lead to increased investments and price movement.
Additionally, the ongoing Israel-Hamas conflict may have prompted institutional investors to diversify their portfolios with bitcoin as a risk-mitigation strategy. Analysts suggest that spot bitcoin ETFs could attract billions of dollars worth of inflows in the first few years after issuance.
It is important to note that this article is provided for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.
Source: The Block
