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HomeNewsBreaking News: Ark Invest Cuts Coinbase, GBTC Holdings by $28.5M, Bitcoin Investors...

Breaking News: Ark Invest Cuts Coinbase, GBTC Holdings by $28.5M, Bitcoin Investors Take Notice

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  • Significant Share Sales: Ark Invest, under Cathie Wood, sold 180,422 Coinbase (COIN) shares and 99,595 Grayscale Bitcoin Trust (GBTC) shares, capitalizing on the recent market rally.
  • Continued Bullish Outlook for Bitcoin: Despite these sales, Cathie Wood maintains a bullish stance on Bitcoin, with market speculation about the potential approval of a spot Bitcoin ETF by the U.S. SEC.

Ark Invest Seizes Market Opportunity

Ark Invest, steered by renowned Bitcoin advocate Cathie Wood, has strategically sold substantial holdings in Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares, leveraging the current market rally that has seen Bitcoin prices surpass $44,000.

A Closer Look at the Sell-Off

On December 6, transactions revealed by CoinGape showed that Ark Invest divested 180,422 Coinbase shares, valued at approximately $25 million. The sales were distributed across three of its funds: ARK Innovation ETF (ARKK) offloaded 162,579 Coinbase shares, ARK Next Generation Internet ETF (ARKW) sold 5,369 COIN shares, and ARK Fintech Innovation ETF (ARKF) parted with 12,474 COIN stocks.

Coinbase’s stock price closed at $134.63 on Wednesday, marking a 3.97% decrease after reaching a recent high of $147.86. The company’s stock has experienced a more than 300% rally this year.

Cathie Wood’s Investment Strategy

In addition to Coinbase shares, Cathie Wood’s Ark Invest also reduced its holdings in Grayscale Bitcoin Trust. The ARKW sold 99,595 GBTC shares, worth around $3.5 million. This move is seen by some as a strategic decision, considering Ark Invest’s interest in competing with Grayscale for a spot Bitcoin ETF.

This offloading of GBTC shares follows a pattern, with ARKW having sold over 800,000 GBTC shares since October. Despite these sales, GBTC’s price has surged by 330% year-to-date, though it closed slightly lower at $34.92 on Wednesday.

Bitcoin’s Market Influence and Ark Invest’s Outlook

Cathie Wood’s Ark Invest continues to show a bullish outlook on Bitcoin, even amidst these significant sales. The investment firm’s strategy reflects a keen observation of market trends and potential regulatory developments, such as the anticipated approval of a spot Bitcoin ETF in the U.S.

Conclusion

Ark Invest’s recent sell-off in Coinbase and Grayscale Bitcoin Trust shares highlights a strategic move to capitalize on the current market rally. Led by Cathie Wood, the firm balances its investment decisions while maintaining an optimistic view of Bitcoin‘s future, showcasing its adaptability and foresight in the dynamic cryptocurrency market.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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