Ark Invest, guided by Cathie Wood, recently divested 42,613 shares of the U.S.-based cryptocurrency exchange, Coinbase, via its ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. This came as Bitcoin’s price neared the $35,000 mark on Monday.
The value of the Coinbase shares sold by Ark Invest was approximately $3.3 million, based on Monday’s closing price of $77.21.
Currently, Bitcoin’s price stands slightly above $34,400, marking a 12% increase over the past day and a 23% rise over the past week.
Ark Invest Sells Grayscale Bitcoin Trust Shares
Bitcoin’s recent price boost is largely credited to a court decision involving Grayscale and the SEC. The presiding judge mandated the SEC to revoke its earlier denial of the asset manager’s application for a spot bitcoin ETF.
Meanwhile, Ark Invest, led by Cathie Wood, is also in line, awaiting the SEC’s nod for its own spot Bitcoin ETF.
Previously, Cathie Wood pointed fingers at Gary Gensler, accusing him of hindering the progression of proposed spot Bitcoin ETFs.
According to industry experts, the approval of a spot Bitcoin ETF now seems more likely than before.
However, in an interesting move amid the positive Bitcoin trend, Ark Invest offloaded 100,739 shares of Grayscale Bitcoin Trust through its ARK Next Generation Internet ETF. This sale amounted to roughly $2.5 million, based on Monday’s closing price of $24.70.
Cathie Wood has consistently shown faith in Grayscale Investments, considering it a pivotal component of Barry Silbert’s Digital Currency Group. This trust stems from Grayscale’s steadfast commitment to cold storage, a security measure they employ to protect their Bitcoin assets.
Wood has always maintained an optimistic stance on Bitcoin’s value trajectory. In fact, Ark Invest has forecasted that Bitcoin’s price could soar to $1.48 million by the decade’s end.
Additionally, ARK stands as the second-largest institutional shareholder of Robinhood stock, holding a 4.1% share distributed across four of its ETFs.
In a recent move, ARK Invest acquired an additional 259,628 Robinhood Markets Inc shares for its ARKW ETF. This purchase was estimated at about $2.38 million, based on Monday’s closing stock price of $9.17.