ARK Invest is capitalising on the current Bitcoin rally, raking profits from the sale of substantial sums of GBTC and COIN.
Cathie Wood’s ARK Invest executed strategic sales on December 5, offloading 168,127 shares of Grayscale’s Bitcoin Trust (GBTC), valued at approximately $5.9 million.
On the same day, the firm sold 237,572 shares of Coinbase (COIN) worth $33 million across three exchange-traded funds:
- ARK Innovation ETF (ARKK): 201,711
- ARK Fintech Innovation ETF (ARKF): 28,535
- ARK Next Generation Internet ETF (ARKW): 7,326
Both transactions leveraged the ongoing Bitcoin surge, which has seen gains of 25% over the past 30 days.
Prior to ARK’s sale, Coinbase shares peaked at $147.86 during the day and closed at $140.20, reflecting a substantial 280% year-to-date gain.
GBTC also experienced notable growth, closing at $35.10 on the day of the sale, marking its highest level since December 2021.
Read more: ARK Invest modifies Bitcoin ETF application to include surveillance agreement
ARK Invest CEO Cathie Wood is a long-time Bitcoin bull and has called crypto a true “money revolution”.
ARK remains the largest holder of GBTC, with more than 4.6 million shares. The firm was one of the first major asset managers to file for a spot Bitcoin ETF, followed by a spot Ethereum ETF application.
Grayscale has similarly applied to convert its Ethereum and Bitcoin trusts into spot ETFs, with a decision to come by spring 2024 at the latest.
Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
