The Surprising Move by Ark Invest: Selling Coinbase Shares Amidst Bitcoin Surge
Cathie Wood, the founder of Ark Invest, has made a significant decision to sell shares of Coinbase Global Inc. despite the surge in Bitcoin prices. Currently, Bitcoin is trading at $34,878.65, experiencing a 15.2% increase within 24 hours.
Ark Invest sold approximately 42,613 shares of Coinbase Global through the ARK Next Generation Internet ETF and the Ark Fintech Innovation ETF. This transaction was valued at $3.3 million based on Coinbase’s closing price of $77.21 on Monday.
In addition to selling Coinbase shares, Cathie Wood’s investment firm also sold shares of Grayscale Bitcoin Trust (GBTC). However, it bought 259,628 shares of Robinhood Markets Inc., taking advantage of the rising value of Bitcoin and other cryptocurrencies. The sales were made through Ark’s Next Generation Internet ETF and Ark Fintech Innovation ETF, totaling $5.8 million based on their respective closing prices.
Spot Bitcoin ETF Approvals on the Horizon!
The timing of these sales coincides with growing anticipation within the crypto community regarding the potential approval of spot Bitcoin ETFs. BlackRock’s highly anticipated spot Bitcoin ETF, the iShares Bitcoin Trust, was recently added to a list maintained by the Depository Trust and Clearing Corporation.
Ark Invest has also filed for spot Bitcoin ETF approval with the SEC in partnership with 21 Shares, joining around 12 other spot Bitcoin ETFs awaiting approval. However, all pending applications were delayed by the regulator last month, extending the review process by another month.
Hot Take: Cathie Wood’s Bold Move May Impact Cryptocurrency Value
The surprising decision by Cathie Wood and Ark Invest to sell shares of Coinbase and Grayscale Bitcoin Trust while buying shares of Robinhood Markets Inc. could potentially impact the value of Bitcoin and other cryptocurrencies. As the crypto community eagerly awaits the likely approval of spot Bitcoin ETFs, several pending applications are currently under review by the SEC.
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