Business News Report
October 24, 2023

Ark Invest Dumps Coinbase and GBTC Shares Amid Bitcoin Surge

In Brief

During an active crypto rally on Monday, Ark Invest offloaded 42,613 Coinbase and 100,739 GBTC shares.

Ark Invest Divests From Coinbase and GBTC Amid Bitcoin Surge

As Bitcoin rallies approaching the tantalizing $35,000 mark, Cathie Wood’s Ark Invest has taken a counterintuitive move. On Monday, the firm offloaded significant shares from both Coinbase and Grayscale Bitcoin Trust (GBTC).

In a recent update from Ark Invest’s trading desk, their Next Generation Internet ETF (ARKW) divested 32,158 shares of Coinbase, while the Ark Fintech Innovation ETF parted with 10,455 shares.

This amounted to a total sale of 42,613 Coinbase shares. On the same day, ARKW also released 100,739 GBTC shares into the market. Based on Monday’s closing prices – $77.21 for Coinbase and $24.71 for GBTC – the combined sales reached a total valuation of $5.8 million.

Coinbase and GBTC Shares

The timing of these sales is particularly interesting. Coinbase and GBTC shares have been on the rise, reflecting the broader momentum of the crypto market. Furthermore, Monday brought with it growing anticipation around the potential approval of spot bitcoin ETFs.

The appearance of BlackRock’s much-awaited iShares Bitcoin Trust on the Depository Trust and Clearing Corporation’s list hinted that regulatory green lights might be imminent.

Ark is no stranger to the Bitcoin ETF scene. The firm has previously partnered with 21Shares to file for its spot bitcoin ETF approval. As it stands, the Securities and Exchange Commission (SEC) has a docket of around 12 similar ETFs pending approval. Despite the enthusiasm, the SEC hit the brakes last month, pushing back the review process for these applications.

According to CoinGecko, Bitcoin’s current value hovers around $34,000, marking a robust 20% gain over the past week.

Ark Invest‘s Move

Cathie Wood’s Ark Invest is known for its bold strategies. However, this recent move to sell Coinbase shares—amounting to $3.3 million based on Monday’s closing—against the backdrop of a Bitcoin surge is particularly noteworthy.

A glance back over the past month offers some context. Brian Armstrong, Coinbase’s CEO, announced the incorporation of Bitcoin’s Lightning Network to facilitate faster and more cost-efficient transactions. This was met with commendation from Wood, who accentuated the potential of the Lightning Network, particularly its capacity to offer swifter transactions to Coinbase’s expansive user community. The spotlight on Lightning Network’s potential even drew interest from Twitter’s Jack Dorsey.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Galxe Introduces GAL Staking with $5M Rewards Pool, Enables Users To Receive Benefits Via Galxe Earn
Markets News Report Technology
Galxe Introduces GAL Staking with $5M Rewards Pool, Enables Users To Receive Benefits Via Galxe Earn
April 24, 2024
Web3 Data Infrastructure Provider Syntropy Rebrands To Synternet, Aligns Its Appearance With Tech Advancements
Business News Report Technology
Web3 Data Infrastructure Provider Syntropy Rebrands To Synternet, Aligns Its Appearance With Tech Advancements
April 24, 2024
Dexalot Launches Its Central Limit Order Book Decentralized Exchange On Arbitrum
Markets News Report Technology
Dexalot Launches Its Central Limit Order Book Decentralized Exchange On Arbitrum
April 24, 2024
Puffverse Raises $3M Funding To Advance Its PuffGo Party Game, Announces Portfolio Migration To Ronin
Business News Report Technology
Puffverse Raises $3M Funding To Advance Its PuffGo Party Game, Announces Portfolio Migration To Ronin
April 24, 2024