Cathie Wood Sells Coinbase and Grayscale Bitcoin Trust Shares Amid Bitcoin Surge
Cathie Wood, a well-known Bitcoin bull and the CEO of Ark Invest, has sold nearly $5.8 million worth of Coinbase and Grayscale Bitcoin Trust (GBTC) shares as the leading cryptocurrency experienced a surge of over 10%. According to Ark Invest’s latest trade information newsletter, the firm sold 42,613 COIN shares through its ARK Next Generation Internet ETF and ARK Fintech Innovation ETF, amounting to $3.29 million. Additionally, they sold 100,739 GBTC shares worth $2.48 million.
Bitcoin Sets Record High as Cathie Wood Sells Shares
The sale of shares by Ark Invest coincided with Bitcoin surpassing $34,000 and setting a record high for 2023. Ark Invest is the second-largest shareholder of GBTC, holding over $130 million in the trust. GBTC is also the top holding in ARKW, which actively invests in internet-based products and services. COIN accounts for 9.08% of the ARKW portfolio. Despite selling shares, COIN was up 130% since the beginning of the year, while GBTC saw even more significant gains at 201% YTD.
Awaited Bitcoin ETF Decision Boosts Market Sentiment
Grayscale’s flagship Bitcoin fund saw a 4.5% increase in trading on Monday after news emerged that the U.S. Court of Appeals had compelled the Securities and Exchange Commission (SEC) to review Grayscale’s spot Bitcoin ETF application. The court’s decision came after Grayscale filed a lawsuit against the SEC last year for rejecting the conversion of GBTC into a spot Bitcoin ETF. While this decision does not guarantee approval for GBTC, the market reacted positively. Additionally, the Depository Trust & Clearing Corporation (DTCC) listed a ticker for Blackrock’s iShares Bitcoin Trust (IBTC), another spot Bitcoin ETF awaiting SEC approval.
Cathie Wood’s Support for Bitcoin ETF
Cathie Wood has long been a supporter of Bitcoin and has even predicted a $1 million price target for the cryptocurrency. Ark Invest is also actively pursuing the launch of a spot Bitcoin ETF, having recently filed a second amended application. The SEC has previously denied or delayed applications for spot Bitcoin ETFs due to concerns about market manipulation. However, with the recent court decision and increasing anticipation, the market sentiment towards Bitcoin ETFs remains positive.
Hot Take: Cathie Wood Sells Coinbase and Grayscale Shares Amid Bitcoin Surge
Cathie Wood’s decision to sell Coinbase and Grayscale Bitcoin Trust shares while Bitcoin experienced a significant surge showcases her ability to take advantage of favorable market conditions. As an influential figure in the crypto space, Wood’s actions often have an impact on investor sentiment. While she remains bullish on Bitcoin in the long term, this move suggests that she may be taking profits in the short term. The anticipation for a Bitcoin ETF also adds to the excitement surrounding the market, as investors hope for increased accessibility and institutional adoption of cryptocurrencies.
By
By
By
By