Ark Invest Liquidates $5.8M in Coinbase & Grayscale Amid Bitcoin Bull
The post Ark Invest Liquidates $5.8M in Coinbase & Grayscale Amid Bitcoin Bull appeared on BitcoinEthereumNews.com.
Ark Invest, a leading investment firm in the disruptive innovation space, has sold 42,613 Coinbase (COIN) shares and 100,739 Grayscale Bitcoin Trust (GBTC) shares, which were worth around $5.8 million, according to Ark Invest’s trading activity report today. The sales took place through ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ET, as reported. COIN and GBTC both ended Monday on a high note, with COIN closing at $77.21 and GBTC closing at $24.70. Taking Profits Shares of the two companies have risen amid cryptocurrency market euphoria. Bitcoin (BTC) has surpassed $34,000, up over 12% in one day as traders bet on the imminent ETF approval. As reported on Monday, BlackRock’s spot Bitcoin ETF, officially known as iShares Bitcoin Trust, has been listed on the Depository Trust & Clearing Corporation (DTCC), the organization that provides clearing and settlement services for assets. Bloomberg ETF analyst Eric Balchunas said it was the first time a cryptocurrency ETF appeared on DTCC. BlackRock’s spot offering is one of over a dozen that are currently under review by the US Securities and Exchange Commission (SEC). The SEC has been postponing all pending spot Bitcoin ETF approval applications in recent months, but the DTCC listing suggests that the regulator may be getting closer to approving a Bitcoin spot ETF. Cathie Wood’s firm and 21Shares previously joined forces to apply for approval of their spot Bitcoin ETF product. As Bitcoin breaks through $34,000, MicroStrategy’s massive Bitcoin investment portfolio also sees significant profits. The firm’s holding currently stands at 158,245 BTC, with an average purchase price of $29,870 per BTC. Their Bitcoin investment has reached a profit of approximately $748.5 million as Bitcoin is trading at $34,600. Still Nursing Losses Since last year, MicroStrategy’s Bitcoin holdings have recorded losses, up to 45% at times and has…
Filed under: News - @ October 25, 2023 7:14 am