Cathie Wood’s Ark Invest Sells Coinbase and GBTC Shares Amid Crypto Rally
Cathie Wood’s Ark Invest has recently sold a significant number of shares in Coinbase and Grayscale Bitcoin Trust (GBTC) as the ongoing crypto rally continues. According to the fund manager’s trading desk update, Ark’s Next Generation Internet 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 the sales amounted to $5.8 million based on the closing prices of Coinbase ($77.21) and GBTC ($24.71) on Monday.
Rising Prices Amid Crypto Rally
The decision to sell these shares coincided with the surge in prices for both Coinbase and GBTC during the ongoing crypto rally. Bitcoin surpassed $35,000 on Monday night, fueled by anticipation surrounding the potential approval of spot bitcoin ETFs. The iShares Bitcoin Trust from BlackRock, a highly anticipated spot bitcoin ETF, was included in a list maintained by the Depository Trust and Clearing Corporation, indicating possible approval in the future.
Ark Invest’s Spot Bitcoin ETF Approval
Ark Invest has also submitted an application for spot bitcoin ETF approval with the SEC in collaboration with 21Shares. Currently, there are approximately 12 spot bitcoin ETFs awaiting approval from the SEC. However, last month, the regulator postponed the review process for all pending applications, extending the waiting period by at least another month.
Bitcoin’s Current Trading Price
At present, Bitcoin is trading around $34,000, reflecting a 20% increase over the past seven days according to CoinGecko data.
Hot Take: Ark Invest Sells Coinbase and GBTC Shares Amid Crypto Rally
Cathie Wood’s Ark Invest has decided to sell a substantial number of shares in Coinbase and Grayscale Bitcoin Trust (GBTC) as the crypto rally continues. The sales coincide with rising prices for both assets, driven by the anticipation of spot bitcoin ETF approvals. Ark Invest itself is seeking approval for a spot bitcoin ETF from the SEC. However, the regulator recently delayed the review process for all pending applications. It will be interesting to see how these developments impact the overall crypto market and the future of Bitcoin investments.
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