Cathie Wood’s Ark Invest Dumps More Coinbase Shares, Offloads GBTC Investment And Buys ProShares Bitcoin Strategy ETF

Cathie Wood’s Ark Invest has sold additional Coinbase shares worth around $27.6 million, liquidated its entire Grayscale Bitcoin Trust holdings valued at $200 million, and bought $92 million worth of ProShares Bitcoin Strategy ETF (BITO).

The ARK Next Generation Internet ETF (ARKW) has now sold more than $200 million worth of $COIN stock over the past month as it takes profits after $COIN’s more than 400% surge so far this year.

Ark Invest Dumps GBTC Holdings, Buys BITO

ARKW started dumping its Grayscale Bitcoin Trust holdings in October at the onset of Bitcoin’s bull run. During the month, it sold 100,739 GBTC shares worth around $2.5 million at the time.

On December 19, the firm sold an additional 809,441 GBTC shares valued at $27.9 million. On December 28, it liquidated its remaining GBTC holdings worth $200 million.

Ark Invest then used proceeds of the sales to purchase the BITO Bitcoin futures ETF. According to Bloomberg ETF analyst Eric Balchunas, buying BITO is temporary as the investment firm looks for another investment.

Ark Invest is now the second-largest holder of the BITO Bitcoin futures ETF.

Wood has been rebalancing its fund weightings amid anticipation about the potential approval of spot Bitcoin ETFs.

While speaking with Yahoo Finance, Cathie Wood predicted that a Bitcoin ETF approvals will harm Bitcoin’s price in the short term as investors “sell on the news.”

Also Read

  • Cathie Wood’s ARK Invest Sells $28 Million GBTC Shares Ahead Of Likely Spot Bitcoin ETF Approvals Next Month
  • Cathie Wood’s Ark Invest Cashes In On Coinbase As Shares Hit 20-Month High
  • Barry Silbert Steps Down As Grayscale Investments’ Chairman

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a...
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XA...
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, th...
Read more