Crypto News – According to disclosures for its ETF trades, Cathie Wood’s asset management company, ARK Invest, has sold shares of Coinbase worth $181 million and Grayscale Bitcoin Trust worth $64 million since November 21.
ARK Invest Share Sales Increased Further in the Last 30 Days
CEO Cathie Wood leads ARK Invest, a financial company that supports cryptocurrencies like Bitcoin and manages $6.7 billion in assets. Actually, they provide a report on Bitcoin every month. The ARK Fintech Innovation ETF (ARKF), Ark Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW) are the three ETFs that the corporation typically retains its holdings in, along with its Coinbase and Grayscale Bitcoin Trust holdings.
In a recent video on the company’s YouTube account, she stated, “Just wanted to show you where Bitcoin is—it’s been the best-performing asset this year.” Bitcoin has increased 161% from the year’s beginning.
ARK Invest’s Sales Strategy
With a 14% increase in just one month, the biggest cryptocurrency in the world briefly reached $44,000. And the growing expectation that a spot Bitcoin ETF may be approved as early as January is partly responsible for that rally.
On the other hand, ARK has liquidated a significant number of shares, but the ones it still owns are now worth a significant amount more than they were previously. Although it began the year trading at $8.20, shares of Grayscale Bitcoin Trust are currently trading at $36.04 as of this writing. Furthermore, shares of Coinbase began the year at $33.60 and were trading for $167.86 on Wednesday afternoon.
In addition, throughout the last 30 days, Coinbase has increased by 52%. A month ago, ARK would have made $134 million if its 1.3 million COIN had been sold all at once. This would have been 30% less than the $181 million it has made from recent sales.
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