Cathie Wood’s Ark Invest recently made some moves in the crypto space, selling a portion of its shares in Coinbase and the Grayscale Bitcoin Trust (GBTC).
On Monday, Ark Invest sold 42,613 shares of Coinbase and 100,739 shares of GBTC. The sales were worth approximately $5.8 million, based on the closing prices of Coinbase and GBTC on that day.
This decision to offload shares came amidst a positive surge in both Coinbase and GBTC’s prices, as well as the broader crypto market.
The crypto market has been experiencing a rally, with Bitcoin leading the way. On Monday night, Bitcoin reached over $35,000, reflecting growing anticipation of the approval of spot Bitcoin ETFs.
This bullish sentiment has been further fueled by the presence of BlackRock’s iShares Bitcoin Trust on a list maintained by the Depository Trust and Clearing Corporation, indicating potential approval for this ETF.
Ark Invest is also in the process of seeking approval for a spot Bitcoin ETF in collaboration with 21Shares. Currently, there are around 12 spot Bitcoin ETFs awaiting approval by the U.S. Securities and Exchange Commission (SEC).
In a recent development, the SEC decided to delay all pending spot Bitcoin ETF applications, which will extend the review process by at least another month.