Ark Invest, under the leadership of Cathie Wood, recently divested 42,613 shares of the US-based cryptocurrency exchange Coinbase. This divestment occurred through ARK Next Generation Internet ETF and ARK Fintech Innovation ETF as the price of Bitcoin neared the $35,000 mark on Monday.
The Coinbase shares sold by Ark Invest had an approximate value of $3.3 million, based on the closing price of $77.21 on Monday evening.
As of the time of writing, Bitcoin is trading just above $34,400, reflecting a 12% increase in the past 24 hours and a 23% gain over the past 7 days.
Ark Invest Sells Grayscale Bitcoin Trust Shares
The recent upswing in Bitcoin’s price is attributed to a recent court ruling in the Grayscale and SEC lawsuit. The judge has ordered the SEC to reevaluate its rejection of the asset manager’s application for a spot Bitcoin ETF.
Ark Invest is also awaiting approval for its own spot Bitcoin ETF application from the SEC.
Previously, Cathie Wood had pointed fingers at Gary Gensler for obstructing the approval of proposed spot Bitcoin ETFs.
Experts are increasingly optimistic about the likelihood of the SEC approving spot Bitcoin ETFs.
In the midst of the positive Bitcoin rally, Ark Invest, led by Cathie Wood, sold 100,739 shares of the Grayscale Bitcoin Trust through the ARK Next Generation Internet ETF. The transaction had a value of $2.5 million, based on the closing price of $24.70 on Monday evening.
Cathie Wood has previously expressed her confidence in Grayscale Investments, considering it a crucial component within Barry Silbert’s Digital Currency Group. Her trust in Grayscale is rooted in the company’s steadfast commitment to cold storage, a security measure taken to protect its Bitcoin holdings.
Cathie Wood has maintained a notably bullish outlook on Bitcoin’s price. Ark Invest has made predictions that Bitcoin could reach $1.48 million by the end of the decade.
ARK Invest holds the position of the second-largest institutional holder of Robinhood stock, with a 4.1% stake distributed across four of its exchange-traded funds.
ARK Invest expanded its holdings by adding 259,628 shares of Robinhood Markets Inc through its ARKW ETF. This transaction was valued at $2.38 million based on the closing price of $9.17 on Monday evening.