Ark Invest Sells Coinbase and GBTC Shares for $5.8 Million During Bitcoin Boom

Ark Invest, the investment company run by Cathie Wood, has reduced its stakes in Coinbase and Grayscale Bitcoin Trust (GBTC) to a value of $5.8 million. This action was carried out for the second day in a row, attracting the attention of investors around the world.

The Ark Invest fund sold a total of 42,613 Coinbase shares and 100,739 GBTC shares on October 23, adjusting its holdings in the context of the exponential growth of the Bitcoin market.

Ark’s Next Generation Internet ETF (ARKW) led these sales, dumping 32,158 Coinbase shares, while the Ark Fintech Innovation ETF sold 10,455 shares of the popular cryptocurrency exchange platform.

Simultaneously, ARKW made a divestment of 100,739 GBTC shares. These sales were valued at $5.8 million, based on market closing prices at: $77.21 for Coinbase and $24.71 for GBTC.

Disassembling portfolios to diversify with Bitcoin?

This strategic move by Ark Invest coincides with the notable rise in Bitcoin price, driven by the prospect of Bitcoin Spot exchange-traded fund (ETF) approval and growing optimism in the market.

At the time of writing, Bitcoin is trading around $34,600, according to data from CoinMarketCap, showing a daily variation of just 1.1% after briefly exceeding $35,000 on Monday the 23rd. This relative price stability reflects the current caution in the cryptocurrency market.

Also, rumors have suggested that the ongoing conflict between Israel and Hamas could have led institutional investors to diversify their portfolios using Bitcoin as a risk mitigation strategy.

Importantly, Ark Invest has also updated its Bitcoin Spot ETF application in response to comments from the United States Securities and Exchange Commission (SEC).

Currently, approximately 12 Bitcoin spot ETFs are awaiting approval from the agency, which has extended the review process by at least a month due to regulatory delays.