Ark Invest sells Coinbase and GBTC shares as bitcoin price rallies

Cathie Wood's Ark Invest sold 42,613 shares of Coinbase and 100,739 shares of Grayscale Bitcoin Trust on Monday amid an ongoing bitcoin-led crypto rally.

Ark's Next Generation Internet ETF (ARKW) sold 32,158 shares, and Ark Fintech Innovation ETF sold 10,455 shares of Coinbase, according to an update from the fund manager's trading desk on Monday. Meanwhile, ARKW offloaded 100,739 GBTC shares. The sales were worth $5.8 million, based on Coinbase's closing price of $77.21 and GBTC's $24.71 on Monday.

The sales came as Coinbase and GBTC share prices rose amid an ongoing crypto rally. Bitcoin surged to over $35,000 Monday night as anticipation builds around the potential approval of spot bitcoin ETFs. BlackRock's highly anticipated spot bitcoin ETF, the iShares Bitcoin Trust, appeared on a list maintained by the Depository Trust and Clearing Corporation on Monday, suggesting approval could be on the way.

Ark has also filed for a spot bitcoin ETF approval with the SEC in partnership with 21Shares. There are currently around 12 spot bitcoin ETFs awaiting approval by the SEC. Last month, the regulator delayed all pending spot bitcoin ETF applications, adding at least another month to the ongoing review process.

Bitcoin is currently trading at around $34,000, reflecting a 20% increase over the last seven days, as per CoinGecko data.