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

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