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In a strategic move reflecting changing sentiments in the cryptocurrency market, Ark Invest recently offloaded a substantial portion of its holdings. On Monday, the investment management firm made significant divestments, selling 42,613 shares of Coinbase, a prominent cryptocurrency exchange, and 100,739 shares of the Grayscale Bitcoin Trust (GBTC). These actions come against the backdrop of a remarkable upswing in the crypto market, which has triggered discussions and prompted investors to rethink their positions.
Cathie Wood’s Ark Invest made significant moves within its portfolio on Monday, reflecting evolving market dynamics during a continued cryptocurrency rally led by Bitcoin.
In response to shifting investment strategies, Ark Invest executed notable sales. Specifically, the Ark Next Generation Internet ETF (ARKW) divested 32,158 shares of Coinbase, while the Ark Fintech Innovation ETF shed 10,455 shares of the same cryptocurrency exchange. Furthermore, Ark Invest’s ARKW ETF liquidated 100,739 shares of the Grayscale Bitcoin Trust (GBTC). In total, these sales amounted to approximately $5.8 million in value, based on the closing prices of Coinbase at $77.21 and GBTC at $24.71 on that Monday.
The recent sales by Ark Invest coincide with a surge in the prices of both Coinbase and Grayscale Bitcoin Trust (GBTC), unfolding against the backdrop of an ongoing cryptocurrency rally. Bitcoin’s valuation surged to over $35,000 during the course of Monday night, further fueled by mounting anticipation surrounding the potential approval of spot Bitcoin ETFs. Among these, BlackRock’s much-anticipated iShares Bitcoin Trust, a spot Bitcoin ETF, recently gained attention as it appeared on a list maintained by the Depository Trust and Clearing Corporation, raising prospects of impending approval.
Ark Invest itself is actively engaged in the spot Bitcoin ETF arena, having filed for approval with the U.S. Securities and Exchange Commission (SEC) in partnership with 21Shares. This move is in line with a broader trend, with approximately 12 spot Bitcoin ETF applications currently awaiting SEC approval. However, last month, the regulator opted to delay the review process for all pending spot Bitcoin ETF applications, extending the waiting period by at least another month.
In the midst of this dynamic landscape, Bitcoin’s trading value currently hovers around $34,000, signifying an impressive 20% upswing in just the last seven days, as indicated by data from CoinGecko.
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