Cathie Wood’s ARK Invest Sells Coinbase and GBTC Shares as Bitcoin Soars
Amid a Bitcoin surge to $35,000, Ark Invest sells big crypto shares, as the market eagerly awaits new Bitcoin fund approvals.
Ark Invest, led by Cathie Wood, sold shares of Coinbase and Grayscale Bitcoin Trust worth $5.8 million during a big crypto market rise. This happened even as Bitcoin's price jumped to over $35,000.
The selling was done by Ark's Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF. Both Coinbase and Grayscale's prices went up as everyone is watching closely for the possible approval of new Bitcoin funds, called spot bitcoin ETFs. BlackRock's new Bitcoin fund might soon get approval, adding more excitement in the market.
Ark itself is also waiting for approval to start a new Bitcoin fund in partnership with 21Shares. The US financial regulator, the SEC, is still reviewing many of these Bitcoin fund applications. Currently, Bitcoin has seen a 20% rise in price in just one week.
(Below is a chart showing Bitcoin's Price movement in the past 7 days https://coinpaprika.com/coin/btc-bitcoin/ )
