In a recent report, the asset manager of Cathie Woods Ark Invest engaged in multiple sale deals. An official publication on the Ark Invest demonstrated that the asset manager sold Grayscale Bitcoin Trust shares (GBTC) at $64 million and Coinbase shares (COIN) at $181 million. This implies that in November, the ARK Invest team sold GBTC and COIN shares amounting to $246 million.
Cathie Wood’s ARK Invest Sells COIN and GBTC Shares
The primary objective of offloading a substantial amount of COIN and GBTC shares was to maximize the return on the investment. Occasionally, after the purchase of COIN and GBTC, the Ark Invest team distributes the shares in three ETF accounts, namely ARK Fintech Innovation ETF (ARKF), ARK Next Generation Internet ETF (ARKW), and Ark Innovation ETF (ARKK).
Besides investing in the COIN and GBTC, the assets manager has demonstrated an interest in Bitcoin investment. In a YouTube video, Wood presented the price movement of Bitcoin to the ARK Invest community.
The executive compared BTC market performance with other digital assets and noted that Bitcoin recorded the highest price in the crypto ecosystem. The executive noted that from Q1 of 2023 till now, Bitcoin has increased by 161%.
Bitcoin Price Maintains Bullish Movement
According to Woods, Bitcoin increased by 14% in November to surpass the $44k mark. The strong rally established by Bitcoin ignited optimism among the crypto community, who are eagerly waiting for the approval of the Bitcoin ETF in early 2024.
The report indicates that if the US Securities and Exchange Commission (SEC) approves the spot, Bitcoin ETF ARK Invest will be among the dozen companies offering this financial product.
ARK Invest submitted the Bitcoin ETF application to the SEC a few months ago. The submission of the ARK Invest application is currently under pending approval status since the SEC has previously rejected the offering of spot Bitcoin ETF.
Regardless of this ARK Invest has proven to be a crypto-friendly financial institution with over $6.7 billion in assets under management.
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