Ark Invest sells more Coinbase and GBTC shares amid bitcoin surge

Quick Take

  • Ark Invest sold more shares of Coinbase and GBTC on Tuesday — worth about $3.6 million.

Cathie Wood's Ark Invest continued selling shares of Coinbase and Grayscale Bitcoin BTC +2.17% Trust for the second consecutive day on Tuesday.

Ark's Next Generation Internet ETF sold 21,062 shares of Coinbase and 72,509 shares of GBTC, according to an update from the fund manager's trading desk on Tuesday. The sales were valued at about $3.6 million, based on Coinbase's closing price of $82.07 and GBTC's $26.16 on Tuesday.

These latest sales follow Ark's $5.8 million Coinbase and GBTC shares sale on Monday.

Bitcoin-led crypto rally

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The recent surge in the price of bitcoin has also spurred growth in other cryptocurrencies and crypto-related stocks. Bitcoin has risen nearly 20% in the past seven days and is currently trading at around $34,200, according to data from CoinGecko.

Market optimism is growing due to expectations of spot bitcoin exchange-traded funds receiving approval in the U.S., potentially leading to increased investments and price movement. Additionally, the ongoing Israel-Hamas conflict may have prompted institutional investors to diversify their portfolios with bitcoin as a risk-mitigation strategy, according to analysts.

Spot bitcoin ETFs can attract at least $14.4 billion worth of inflows in the first year after issuance, according to Galaxy Digital. In the second year, these inflows could rise to $27 billion; in the third year, they could reach as high as $39 billion, the firm added.


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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.

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