Ark Invest Sells $12.8 Million Worth of GBTC Shares Amid Market Sell-Off
On Monday, Cathie Wood-led Ark Invest sold over $12.8 million worth of Grayscale Bitcoin Trust (GBTC) shares as the cryptocurrency market experienced a downturn. The sale involved offloading 395,945 GBTC shares through the ARK Next Generation Internet ETF (ARKW) while Bitcoin was trading around $40,000. This resulted in the trust closing 8.59% lower at $32.46.
Ark Invest Adjusts Position in Coinbase
In addition to the GBTC sale, Ark Invest also made changes to its position in Coinbase, the largest US-based cryptocurrency exchange. The company sold a total of 13,634 Coinbase shares through ARK Innovation ETF and ARKW, amounting to $1.8 million. This follows Ark Invest’s earlier adjustments in its Coinbase position when Bitcoin surpassed $44,000. The recent sale raised $49.2 million and despite the sales, Coinbase still represents a significant portion of Ark’s ETF portfolios.
Hot Take: Ark Invest Takes Advantage of Market Downturn
Cathie Wood-led Ark Invest seized the opportunity presented by the broader market sell-off to sell off significant holdings in both Grayscale Bitcoin Trust (GBTC) and Coinbase shares. With over $12.8 million worth of GBTC shares sold and adjustments made to their position in Coinbase, Ark Invest demonstrated its ability to navigate market fluctuations and make strategic moves to optimize its portfolios. Despite these sales, Coinbase remains a significant part of Ark’s ETF holdings, indicating continued confidence in the cryptocurrency exchange.
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