In the fast-paced world of cryptocurrency and exchange-traded funds (ETFs), several developments have caught the attention of investors and analysts alike. In particular, ARK Invest’s sale of Bitcoin-related shares was an interesting development. Here are the details…
ARK Invest continues its sales
Cathie Wood’s Ark Invest actively manages cryptocurrency assets. On Tuesday, Ark’s Next Generation Internet ETF sold 21,062 Coinbase shares and 72,509 Grayscale Bitcoin Trust (GBTC) shares. These transactions amounted to approximately $3.6 million, based on Coinbase’s closing price that day of $82.07 and GBTC’s $26.16. This process cryptokoin.com As we reported, it follows Ark’s $5.8 million sale of Coinbase and GBTC shares the previous day. The recent revival in Bitcoin’s price has not gone unnoticed. According to data from CoinGecko, over the past seven days Bitcoin has increased by nearly 20% to a trading price of around $34,200. This upward momentum has sparked optimism in the market.
Market enthusiasts are increasingly hopeful about the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. Such a confirmation could lead to significant investments and further price movement. In addition, the ongoing Israel-Hamas conflict has raised the possibility of institutional investors diversifying their portfolios with Bitcoin as a risk mitigation strategy, as analysts suggest. Galaxy Digital estimates that spot Bitcoin ETFs could attract at least $14.4 billion in inflows in the first year after issuance, with the potential to reach even higher figures in subsequent years.
Bitcoin ETFs not accepted
Meanwhile, the statement made by Bloomberg analyst James Seyffart on October 25 aroused curiosity in the cryptocurrency community. According to Seyffart, the Bitcoin spot ETF jointly operated by ARK Invest and 21Shares allegedly uses the ticker “ARKB.” However, upon further investigation, it appeared that this code was not officially listed on the Depository Trust & Clearing Corporation (DTCC) website. Adding to the intrigue, DTCC has the symbol “ARKA” corresponding to the Bitcoin Futures ETF offered by ARK Invest and 21Shares. On the same day, Bloomberg ETF analyst Eric Balchunas reported that ARK Invest’s spot ETF filed the fourth version of an amendment to its 19b-4 filing.
This development appears to be in response to feedback from the US Securities and Exchange Commission (SEC). Although the exact nature of the changes has not been disclosed, they demonstrate ARK’s commitment to aligning its ETF with regulatory requirements. In summary, the cryptocurrency market continues to be dynamic and full of interesting developments. The mystery surrounding ARK Invest’s ETF code, changes to its filings, and Cathie Wood’s asset management decisions are just some of the factors contributing to the excitement in the crypto space. The recent rise in Bitcoin and expectations for spot ETF approval in the US are raising expectations of what will come next in the world of crypto assets.
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