Cathie Wood-led Ark Invest Sells Coinbase Shares as Bitcoin Price Surges
Ark Invest, headed by Cathie Wood, sold 42,613 shares of US-based cryptocurrency exchange Coinbase through its ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. This move comes as the price of Bitcoin approaches $35,000. The value of the Coinbase shares sold by Ark Invest amounted to approximately $3.3 million, with a closing price of $77.21 on Monday.
Bitcoin Rally and Grayscale Bitcoin Trust Shares
The recent surge in Bitcoin’s price is attributed to a court order in the lawsuit between Grayscale and the SEC. The judge ruled that the SEC must revoke its rejection of the asset manager’s spot Bitcoin ETF application. Ark Invest is also awaiting approval for its own spot Bitcoin ETF from the SEC.
Cathie Wood has previously criticized Gary Gensler for hindering proposed spot Bitcoin ETFs. However, experts believe that the likelihood of a spot Bitcoin ETF approval is high.
Amidst this positive Bitcoin rally, Ark Invest sold 100,739 shares of Grayscale Bitcoin Trust through its ARK Next Generation Internet ETF. The transaction was valued at $2.5 million, with a closing price of $24.70 on Monday evening.
Cathie Wood’s Confidence in Grayscale Investments
Cathie Wood has expressed her trust in Grayscale Investments as an important component within Barry Silbert’s Digital Currency Group. She believes in Grayscale’s commitment to cold storage, which ensures the security of its Bitcoin holdings.
Cathie Wood has consistently been bullish on Bitcoin’s price and has predicted that it could reach $1.48 million by the end of the decade.
ARK Invest’s Holdings and Robinhood Stock
ARK is the second-largest institutional holder of Robinhood stock, with a 4.1% stake spread across four of its exchange-traded funds (ETFs).
Additionally, ARK Invest acquired 259,628 shares of Robinhood Markets Inc through its ARKW ETF. The transaction was valued at $2.38 million, with a closing price of $9.17 on Monday evening.
Hot Take: Cathie Wood’s Ark Invest Sells Coinbase and Grayscale Bitcoin Trust Shares Amid Bitcoin Surge
Cathie Wood-led Ark Invest has sold Coinbase shares and Grayscale Bitcoin Trust shares as the price of Bitcoin continues to rise. This move indicates that Ark Invest may be capitalizing on the current market conditions while awaiting approval for its own spot Bitcoin ETF. Cathie Wood’s confidence in Grayscale Investments remains strong, and she has expressed her belief in Bitcoin’s long-term growth potential. Additionally, ARK Invest has increased its holdings in Robinhood stock, further diversifying its portfolio. As the crypto market evolves, it will be interesting to see how Ark Invest continues to navigate and capitalize on emerging opportunities.
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