Cathie Wood’s Ark Invest Sells Shares of Coinbase and Grayscale Bitcoin Trust Amid Crypto Rally

Cathie Wood’s Ark Invest Sells Shares of Coinbase and Grayscale Bitcoin Trust Amid Crypto Rally

Crypto News – Cathie Wood’s Ark Invest made significant moves in its investment portfolio on Monday, divesting 42,613 shares of Coinbase and 100,739 shares of the Grayscale Bitcoin Trust. This decision coincided with the ongoing bullish momentum in the world of cryptocurrencies.

Ark’s Next Generation Internet ETF (ARKW) reduced its exposure to Coinbase by selling 32,158 shares, while the Ark Fintech Innovation ETF disposed of 10,455 Coinbase shares, as confirmed by a statement from Ark Invest’s trading desk. Additionally, ARKW offloaded a substantial 100,739 GBTC (Grayscale Bitcoin Trust) shares. These sales transactions amounted to approximately $5.8 million in total value, calculated based on Coinbase’s closing price of $77.21 and GBTC’s closing price of $24.71 on that particular Monday.

These divestitures took place against a backdrop of rising share prices for both Coinbase and GBTC, driven by the broader crypto market rally. Bitcoin, in particular, surged to over $35,000 on Monday evening, spurred by growing anticipation surrounding the potential approval of spot Bitcoin ETFs. The appearance of BlackRock’s eagerly anticipated iShares Bitcoin Trust on a list maintained by the Depository Trust and Clearing Corporation suggested that approval for spot Bitcoin ETFs could be imminent.

Notably, Ark Invest has also sought approval for a spot Bitcoin ETF through the SEC in collaboration with 21Shares, contributing to the current pool of approximately 12 spot Bitcoin ETFs awaiting regulatory approval. The SEC recently extended the review process by at least another month by delaying pending spot Bitcoin ETF applications.

In the broader cryptocurrency landscape, Bitcoin’s value currently hovers around $34,000, marking a substantial 20% increase over the past seven days, based on data from CoinGecko.