News

Ark Invest GBTC Holdings Now Sold Out, Awaiting 2024

Key Points:

  • Cathie Wood completes the divestment of Ark Invest GBTC holdings, aligning with the ongoing trend of crypto stock sell-offs.
  • Ark Invest redirects $100 million from the GBTC sale to acquire Bitcoin Futures ETF BITO, strategically positioning itself ahead of the SEC’s spot Bitcoin ETF approval deadline.
Cathie Wood’s Ark Invest has completed the divestment of its entire Grayscale Bitcoin Trust (GBTC) holdings, aligning with a broader trend of crypto stock sell-offs. Earlier this month, the asset management firm liquidated approximately $45 million in GBTC shares and over $150 million in Coinbase shares.
Ark Invest GBTC Holdings Now Sold Out, Awaiting 2024 2

Read more: Cathie Wood Bets On Bitcoin As The Strong Hedge Against Deflation

Ark Invest GBTC Holdings Adjustments

As the deadline for the U.S. Securities and Exchange Commission’s (SEC) potential approval of the spot Bitcoin ETF approaches, the offloading of crypto assets persists. Recent reports of Coinbase executives selling COIN stock positions were followed by the company’s decision to sell Ark Invest GBTC holdings. Notably, half of the proceeds from the GBTC sell-off, amounting to a substantial $100 million, were redirected to acquire Bitcoin Futures ETF BITO, according to Bloomberg analyst Eric Balchunas.

Amid growing confidence in the SEC approving the spot Bitcoin ETF before the January 10, 2024 deadline, Cathie Wood‘s move to offload Ark Invest GBTC holdings could signify portfolio adjustments ahead of potential market shifts or a precautionary measure against corrections.

Simultaneously, Ark Invest, through its ARK Next Generation Internet ETF (ARKW), sold 148,885 Coinbase shares, valued at $27.5 million. This comes as part of Ark Invest’s broader divestment strategy, having already sold over 1.5 million Coinbase shares this month, capping a year of significant stock price gains.

Cathie Wood’s Optimism Amidst Market Shifts

With the financial markets anticipating potential ETF approval, industry experts closely monitor crypto stock performance. Cathie Wood, Ark Invest’s founder and CEO, maintains optimism regarding the SEC’s spot Bitcoin ETF approval, citing positive discussions with regulatory officials.

Wood believes such approval could spark increased institutional investment in Bitcoin. As the market awaits regulatory decisions, Ark Invest’s recent portfolio adjustments may position the firm strategically in anticipation of potential shifts or corrections.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

2 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

2 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

5 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

7 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

10 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

10 hours ago

This website uses cookies.