Ark Invest sells $3.3 million of Coinbase stock and $2.5 million of GBTC

Ark Invest Offloads $3.3 Million in Coinbase Shares and $2.5 Million in GBTC Holdings

Author: Jai Pratap, cryptonews; Translation: Song Xue, LianGuai

As Bitcoin closed at $35,000 on Monday, Ark Invest led by Cathie Wood sold 42,613 shares of US cryptocurrency exchange Coinbase through the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF.

The Coinbase shares sold by Ark Invest are estimated to be worth about $3.3 million, with a closing price of $77.21 on Monday evening.

At the time of writing this article, the Bitcoin trading price is slightly above $34,400, up 12% in the past 24 hours and up 23% in the past 7 days.

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Ark Invest sells Grayscale Bitcoin Trust shares

The recent surge in Bitcoin prices is attributed to the court order in the recent lawsuit between Grayscale and the SEC. The judge ordered the SEC to revoke its rejection of the asset management company’s application for a spot Bitcoin ETF.

Ark Invest is also waiting for SEC approval for its spot Bitcoin ETF.

Earlier, Cathie Wood accused Gary Gensler of obstructing the proposed Bitcoin spot ETF.

Experts believe that the likelihood of approval for a spot Bitcoin ETF seems to be certain.

Against the backdrop of Bitcoin’s positive surge, Cathie Wood’s Ark Invest sold 100,739 shares of Grayscale Bitcoin Trust through the ARK Next Generation Internet ETF. The transaction is valued at $2.5 million, with a closing price of $24.70 on Monday evening.

Cathie Wood had previously expressed her trust in Grayscale Investments, considering it an integral part of Barry Silbert’s cryptocurrency group. Wood’s confidence in Grayscale is based on the trust company’s unwavering dedication to cold storage, a measure to protect its Bitcoin holdings.

Cathie Wood is overall bullish on the price of Bitcoin. Ark Invest predicts that Bitcoin will reach $1.48 million by the end of this century.

ARK is the second-largest institutional holder of Robinhood stock, holding a 4.1% stake in its four exchange-traded funds.

ARK Invest added 259,628 shares of Robinhood Markets Inc stock to its ETF through ARKW. The transaction is valued at $2.38 million, with a closing price of $9.17 on Monday evening.

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