Ark Invest’s Market Maneuvers: Offloads $6M Coinbase & GBTC Shares

Ark Invest, the global asset manager, has recently divested significant holdings, unloading more than 42,000 shares of Coinbase and 100,000 shares of Grayscale Bitcoin Trust [GBTC], according to an update from the firm’s trading desk. Out of the 42,613 shares of Coinbase, Ark’s Next Generation Internet ETF [ARKW] sold 32,158 shares, and Ark Fintech Innovation ETF offloaded 10,455 shares. Additionally, ARKW also sold 100,739 GBTC shares. Considering the latest closing prices of Coinbase at $77.21 and GBTC at $24.71, these sales amounted to nearly $6 million.

This liquidation coincides with a market-wide rally fueled by Bitcoin, which recently surged past the $35,000 mark, reaching a multi-month high. Bitcoin’s bullish momentum, surging by an impressive 23% over the past seven days, was sparked by anticipation surrounding the potential approval of spot Bitcoin exchange-traded funds [ETFs]. Notably, BlackRock’s highly anticipated spot Bitcoin ETF, the iShares Bitcoin Trust, made an appearance on a list maintained by the Depository Trust and Clearing Corporation, hinting at imminent approval.

In the competitive landscape of spot Bitcoin ETFs, Ark Invest, led by Cathie Wood, has emerged as a frontrunner. In June 2021, Ark Invest submitted its first application for the Ark21Shares ETF in collaboration with Swiss ETF provider 21Shares AG. If approved, this BTC ETF will be listed on Cboe’s BZX Exchange under the symbol ARKB.

Ark Invest Set To Chart New Course

Despite Ark Invest’s proactive approach, the U.S. Securities and Exchange Commission [SEC] has extended its evaluation of the Ark 21Shares Bitcoin exchange-traded fund application. The SEC continues to assess applications from traditional financial giants like BlackRock and Fidelity Investments. However, recent court rulings in cases involving GBTC and Ripple/XRP against the US regulator have infused the market with a newfound sense of optimism.

Presently, Bitcoin is trading at around $34,660, reflecting a remarkable 22% increase over the last seven days, as per data derived from prominent price tracker site CoinMarketCap. As the cryptocurrency market continues to evolve, investors are closely monitoring these developments, anticipating potential shifts in market dynamics and the regulatory landscape that could influence future investment decisions.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.