Investment Giant Ark Invest Sells Coinbase Shares After Bitcoin’s Latest Rise

Cathie Wood’s Ark InvestIn a strategic move, it chose to part ways with some of its crypto assets.

Ark Invest Sells Coinbase and GBTC Shares During Bitcoin’s Rising Period

The investment management firm sold 42,613 Coinbase shares and 100,739 Grayscale Bitcoin Trust (GBTC) shares.

Notably, Ark’s Next Generation Internet ETF (ARKW) divested 32,158 shares, while the Ark Fintech Innovation ETF divested 10,455 Coinbase shares.

Simultaneously, ARKW made a significant move by selling 100,739 GBTC shares.

These transactions were worth a total of $5.8 million, based on Monday’s closing prices of $77.21 for Coinbase and $24.71 for GBTC.

Bitcoin, the dominant force in the market, broke the $35,000 mark on Monday night as anticipation grew surrounding the potential approval of spot bitcoin Exchange Traded Funds (ETFs).

In particular, BlackRock’s highly anticipated spot Bitcoin ETF, iShares Bitcoin Trust, appeared on a listing maintained by the Depository Trust and Clearing Corporation on Monday, hinting at a potential impending approval.

Ark Invest has taken proactive steps in seeking spot Bitcoin ETF approval in collaboration with 21Shares, demonstrating a strong commitment to this innovative financial instrument.

There are currently approximately 12 spot bitcoin ETFs awaiting green light from the U.S. Securities and Exchange Commission (SEC).

*This is not investment advice.