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Read more: Cathie Wood Bets On Bitcoin As The Strong Hedge Against Deflation
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.
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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