Cathie Wood's Ark Invest executed a notable sell-off on Monday, including 42,613 shares of Coinbase and 100,739 shares of Grayscale Bitcoin Trust (GBTC). This move comes as the cryptocurrency market, led by bitcoin, experiences significant price increases, according to theblock
Ark Invest's Next Generation Internet ETF (ARKW) sold 32,158 shares of Coinbase, while the Ark Fintech Innovation ETF sold 10,455 shares of the cryptocurrency exchange platform. Additionally, the ARKW fund offloaded 100,739 shares of GBTC. The total value of these sales amounted to approximately $5.8 million, calculated based on the closing prices of Coinbase and GBTC on Monday, which were $77.21 and $24.71, respectively.
Crypto Market Uptrend
The decision to sell shares in the popular cryptocurrency exchange and the leading Bitcoin trust fund coincided with a significant uptrend in cryptocurrency markets. On Monday, bitcoin's price exceeded $35,000, driven by mounting anticipation regarding the potential approval of spot bitcoin exchange-traded funds (ETFs). BlackRock's spot bitcoin ETF, the iShares Bitcoin Trust, recently appeared on a list maintained by the Depository Trust and Clearing Corporation, a development that suggests regulatory approval for these instruments could be imminent.
Ark's Involvement in Spot Bitcoin ETFs
Ark Invest, known for its innovation-focused investments, has also shown its interest in spot bitcoin ETFs. In partnership with 21Shares, Ark has filed for the approval of a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). The SEC is currently reviewing approximately 12 applications for spot bitcoin ETFs. Last month, the regulatory authority decided to postpone the approval process for all pending applications, extending the ongoing review for at least another month.
Cathie Wood's Ark Invest's recent sell-off of Coinbase and GBTC shares highlights the dynamic nature of the cryptocurrency market. As bitcoin and other digital assets surge in value and attention, investors and funds are adjusting their strategies accordingly. Ark Invest's strategic positioning and active engagement with emerging cryptocurrency investment instruments indicate its commitment to stay ahead in the rapidly evolving crypto industry.