2023-10-25 21:53 |
In the wake of Bitcoin’s price surge past $35,000, an unexpected market maneuver came from Ark Invest.
The firm, under the helm of founder Cathie Wood, known for her bullish stance on Bitcoin, took the market by surprise. Ark Invest offloaded a chunk of its crypto stock holdings, including stakes in Coinbase and Grayscale Bitcoin Trust (GBTC).
Ark Invest Offloads COIN and GBTC SharesThe past week saw Bitcoin revive its bullish trend, hitting a new yearly high of $35,160. This upward momentum has not been witnessed since the downturn triggered by the collapse of Terra and FTX.
The resurgence brought along a positive wind that swept across the crypto market, boosting the prices of crypto-centric stocks.
For instance, Coinbase and Grayscale Bitcoin Trust are among the beneficiaries, witnessing a substantial uptick in their share prices. COIN soared by 16% to around $89, and GBTC saw a 10% uptick in its shares, reaching $27.
Read more: Coinbase Review 2023: The Best Crypto Exchange for Beginners?
Coinbase and Grayscale Bitcoin Trust Shares Performance. Source: TradingViewHowever, going against the grain, Ark Invest divested nearly $5.8 million of its Coinbase and GBTC shares.
Detailed in its recent newsletter, the firm unloaded 42,613 COIN shares through ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF, netting around $3.29 million. Additionally, the firm sold 100,739 shares of GBTC at $24.70, totaling approximately $2.48 million.
Read more: Crypto vs. Stocks: Where To Invest Your Money in 2023
In a divergent move, Ark Invest scooped up 259,628 shares of Robinhood. This shift in investment strategy comes at a time when the firm holds a substantial position in GBTC, being its second-largest shareholder with a hefty $130 million in the trust.
Why Cathie Wood Is Selling Crypto StocksThe rationale behind this unexpected portfolio reshuffling could be manifold. Ark Invest, alongside 21Shares, has been in the queue for a Bitcoin ETF, engaging with regulators to clear the path.
According to Wood, there is a noticeable shift in the SEC’s stance, evident from its engagement in dialogue over the Bitcoin ETF applications.
“The SEC is engaging with us for the Bitcoin ETF application. It indicates a change in the SEC’s behavior. Bitcoin ETFs will definitely be approved, and multiple ETFs will receive approval simultaneously. The court will mandate the SEC,” Wood said.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
The crypto market is witnessing a paradigm shift, with traditional finance entities like BlackRock and Fidelity joining the Bitcoin ETF bandwagon. This week, BlackRock edged closer by registering a ticker for its iShares Bitcoin Trust with the DTCC, even though it was later removed.
Ark Invest’s pivot reflects a larger narrative of the crypto market. Indeed, it suggests a cautious optimism, diversifying to hedge against the inherent market volatility.
The post Ark Invest Founder Cathie Wood Sold These Crypto Stocks appeared first on BeInCrypto.
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