Ark Invest Sells Coinbase and Grayscale Bitcoin Trust Shares
According to Ark Invest’s trading activity report, the investment firm has sold 42,613 shares of Coinbase (COIN) and 100,739 shares of Grayscale Bitcoin Trust (GBTC), amounting to approximately $5.8 million. The sales were made through ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF.
Taking Profits
The shares of COIN and GBTC have experienced a surge in value due to the excitement surrounding the cryptocurrency market. Bitcoin has surpassed $34,000, rising over 12% in a single day as investors anticipate the approval of an ETF.
BlackRock’s spot Bitcoin ETF, known as iShares Bitcoin Trust, has been listed on the Depository Trust & Clearing Corporation (DTCC), marking the first time a cryptocurrency ETF has appeared on this platform. This listing suggests that the SEC may be closer to approving a Bitcoin spot ETF.
MicroStrategy’s Bitcoin investment portfolio is also seeing significant profits as Bitcoin surpasses $34,000. Their holdings currently stand at 158,245 BTC with an average purchase price of $29,870 per BTC.
Still Nursing Losses
MicroStrategy’s Bitcoin holdings have faced losses in the past year, reaching up to 45% at times. However, recent positive signals about spot ETFs and the upcoming Bitcoin halving have turned the tide, creating bullish momentum in the market.
Ethereum is also experiencing growth, with a 9.5% increase and hovering around $1,840. Solana (SOL) has broken the $30 resistance level, and other altcoins are also performing well.
BlackRock, Grayscale, or ARK 21Shares?
There is speculation that BlackRock may be the first to gain spot Bitcoin ETF approval. Grayscale has also achieved a victory over the SEC in its lawsuit to convert GBTC into a spot Bitcoin ETF.
The SEC has a final deadline of January 10, 2024, to make a decision on Ark Invest’s application for a spot Bitcoin ETF. Despite concerns about market manipulation and volatility, Cathie Wood, CEO of Ark Invest, predicts that the SEC will approve multiple applications simultaneously.
Hot Take: The Path to Bitcoin ETF Approval
The recent sales by Ark Invest indicate that even prominent investment firms are taking profits from their cryptocurrency holdings. With the potential approval of a Bitcoin spot ETF on the horizon, investors are optimistic about the future of cryptocurrencies.
BlackRock, Grayscale, and Ark Invest are all vying for spot Bitcoin ETF approval from the SEC. As more institutions enter the crypto space and regulatory hurdles are overcome, it seems increasingly likely that these ETFs will become a reality.
The approval of a Bitcoin spot ETF could bring further legitimacy and mainstream adoption to cryptocurrencies, opening up new opportunities for investors. It remains to be seen which firm will be the first to achieve this milestone, but the race is certainly heating up.
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