long time Bitcoin Bull Kathy Wood moved to bring down about 5.8 million dollars Coinbase And Grayscale Bitcoin Trust (GBTC) shares on Monday, as the leading cryptocurrency increased by more than 10%.
Ark Invest's latest trading newsletter revealed that it sold 42,613 COIN shares through the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF; That's worth $3.29 million and a closing price of $77.21 on Monday evening.
The firm also sold 100,739 Grayscale Bitcoin Trust (GBTC) shares worth $2.48 million at a closing price of $24.70.
The move comes as Bitcoin surpasses $34,000 to hit a record high in 2023.
Arc Invest is GBTC's second largest shareholder with more than $130 million in trust. With a weighting of 10.42%, GBTC holds the highest position in ARKW, which seeks to actively invest in Internet-based products and services, cloud computing, artificial intelligence, e-commerce and media innovations. COIN makes up 9.08% of ARKW's portfolio.
At Monday's closing bell, COIN was up 130% year-to-date, while GBTC posted even more impressive gains of 201% YTD.
Waiting for the Bitcoin ETF
Shares of Greyscale's flagship bitcoin fund ended trading down 4.5% on Monday after a US appeals court forced the Securities and Exchange Commission (SEC) to revisit Grayscale's spot bitcoin ETF application.
The ruling is related to a grayscale lawsuit filed against the SEC last year, accusing the agency of refusing to convert GBTC into a spot Bitcoin ETF.
The investment firm won a landmark victory in August when the court ruled that the SEC had previously approved a list of Bitcoin futures ETFs, but not Grayscale's proposed product.
Citing market manipulation concerns, the SEC has repeatedly rejected or postponed applications for the spot Bitcoin ETF, which would allow investors to gain exposure to the major cryptocurrency without physically holding the asset.
The final decision of the court does not guarantee the successful conversion of GBTC to Bitcoin ETF – the SEC may reject it for other reasons. However, the market experienced a jolt when the news broke, with the Depository Trust & Clearing Corporation (DTCC) listing a token for Blackrock's iShares Bitcoin Trust (IBTC) – another Bitcoin ETF that is currently awaiting a decision from the SEC. .
Kathy Wood, CEO and Chief Investment Officer of Arc Invest, has been a long-time advocate of Bitcoin and once predicted a $1 million price target for the leading cryptocurrency.
The company is in the race to launch a Bitcoin ETF, having filed a second revised application for the proposed product this month.
Edited by Stephen's Grave.
Stay on top of crypto news, get daily updates in your inbox.
