ARK Invest Offloads COIN and GBTC Shares Amid Bitcoin Rally
- ARK Invest sells off Bitcoin-related assets as market surges.
- Bitcoin is experiencing as hopes rise for a spot ETF approval.
- The investment firm also liquidated Coinbase shares.
Amidst a resurgent market and renewed enthusiasm for Bitcoin, the cryptocurrency industry is abuzz with activity. As Bitcoin soars past the $34,000 mark , setting a new record high for 2023, investors closely monitor their portfolios and make strategic moves.
To navigate the surging market, investment management firm Ark Invest is recalibrating its portfolio with significant sell-offs of its Bitcoin-related asset holdings.
Ark Invest Sells-Off Coinbase and Grayscale BTC Trust Shares
On Tuesday, October 24th, ARK Invest’s portfolio activity revealed the sale of 42,613 shares of cryptocurrency exchange Coinbase (COIN) through its ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF. The total sales value was $3.29 million, with each share sold at $77.21.
Likely capitalizing on profits from the ongoing Bitcoin rally, ARK Invest also sold off 100,739 Grayscale Bitcoin Trust (GBTC) shares at $2.48 million, amounting to $5.8 million.
Not stopping at the sales, ARK Invest further diversified its holdings. The investment management firm purchased 259,628 Robinhood Markets Inc. shares, equivalent to $2.38 million. The purchase reinforces its position as Robinhood stock’s second-largest institutional holder, with a 4.1% stake across four ETFs.
ARK Invest is the second-largest shareholder of GBTC, with a trust holding exceeding $130 million.
For an in-depth exploration of the current market surge, read here:
DailyCoin Bitcoin Regular: Crazy Week for BTC as Fake News Surges Price
SBF’s legal team bolsters defense as trial nears end. Find out more:
SBF’s Lawyers File to Rebut DOJ Testimony with Expert Witness
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Chinese Analyst Assesses Ethereum’s Status, Says “Whales Have Run Out of Purchasing Power” – Here’s What He Expects
Chinese cryptocurrency analyst phenomenon Murphy evaluated the latest status of Ethereum in his statement. Here are the details.
Skipped Bitcoin Cash? Qubetics ($TICS) Could Be Your Redemption Ticket – Top Cryptos for Significant Returns
The crypto market has been on fire lately. With the spotlight shifting to new and innovative blockchain projects, everyone’s eyes are on which cryptos will make waves this year.Bitcoin Cash: A Missed Opportunity for Significant ReturnsQubetics: Revolutionizing Digital Finance with Real-World Asset TokenizationConclusion: Time to Act on Qubetics
BTC Short Position by ETH Whale Nears $332M
A crypto whale boosts their BTC short position to $332M, facing losses and potential short squeeze risk.Whale Boosts BTC Short Position Amid Market VolatilityRisk of Liquidation LoomsStrategic Buy Orders Placed

Pakistan Launches Crypto Council Led by Finance Minister
Pakistan forms Crypto Council to boost blockchain and crypto adoption, chaired by Finance Minister Muhammad Aurangzeb.Pakistan Takes a Bold Step Toward Crypto AdoptionFinance Minister to Lead the InitiativeFocus on Innovation and Financial Inclusion

Trending news
MoreCrypto prices
More








