The surprising decision by Ark Invest Cathie Wood made a significant move by selling shares of Coinbase Global Inc. amidst a surge in Bitcoin prices. At the time of writing, the apex cryptocurrency was trading at $34,878.65; it had spiked 15.2% over 24 hours.
Ark Invest approximately sold 42,613 shares of Coinbase Global through the ARK Next Generation Internet ETF and the Ark Fintech Innovation ETF. The overall transaction was valued at $3.3 million, based on Coinbase’s closing price of $77.21 on Monday.
Cathie Wood’s investment firm, Ark Invest, sold shares of Grayscale Bitcoin Trust (GBTC) and Coinbase and bought 259,628 shares of Robinhood Markets Inc. on Monday amid an increase in the value of Bitcoin and other cryptocurrencies. 42,613 shares of Coinbase and 100,739 shares of GBTC were sold, valued at $5.8 million based on their respective closing prices. According to an update from the fund manager’s trading division, in the midst of ongoing cryptocurrency growth that saw Bitcoin soar to over $35,000 on Monday night, the sales were made through Ark’s Next Generation Internet ETF and Ark Fintech Innovation ETF.
Spot Bitcoin ETF approvals on the horizon!
The sales came as anticipation builds around the crypto community of potential approval of spot bitcoin ETFs, with BlackRock’s highly expected spot bitcoin ETF, the iShares Bitcoin Trust, emerging on a list maintained by the Depository Trust and Clearing Corporation on Monday.
Ark has recently filed for spot bitcoin ETF approval with the SEC in partnership with 21 Shares, joining around 12 other spot bitcoin ETFs awaiting approval. However, the regulator delayed all pending applications last month, adding another month to the ongoing review process.
No doubt why Ark Invest’s Cathie Wood made a surprising decision by selling shares of Coinbase and Grayscale Bitcoin Trust while buying shares of Robinhood Markets Inc. This might increase the value of Bitcoin and other cryptocurrencies. This comes as the crypto community awaits the likely approval of spot bitcoin ETFs, with several pending applications currently under review by the SEC.
Source: https://coinpedia.org/news/ark-invest-sell-coinbase-grayscale-shares-and-buys-robinhood-shares/