Ark Invest sells Coinbase and GBTC shares as bitcoin price rallies

Markets • October 24, 2023, 4:34AM EDT
Published 1 minute earlier on
the block

Quick Take

  • Ark Invest sold 42,613 shares of Coinbase and 100,739 shares of GBTC on Monday amid an ongoing crypto rally.

Cathie Wood's Ark Invest sold 42,613 shares of Coinbase and 100,739 shares of Grayscale Bitcoin BTC -0.87% 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.

RELATED INDICES

See crypto indices

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

Editor

To contact the editor of this story:
Adam James at
[email protected]