Cathie Wood's Ark Invest Offloads More Coinbase Stock, Ditches GBTC Investment, Buys ProShares Bitcoin Strategy ETF

Cathie Wood's Ark Invest sold additional Coinbase shares worth about $27.6 million, liquidated all of its Grayscale bitcoin Trust holdings valued at $200 million, and bought $92 million in ProShares bitcoin Strategy ETF (BITO ).

The ARK Next Generation Internet ETF (ARKW) has sold more than $200 million worth of $COIN shares over the past month as it takes profits after $COIN's more than 400% rise so far. goes of the year.

Ark Invest divests GBTC Holdings and buys BITO

ARKW began dumping its Grayscale bitcoin Trust holdings in October, at the start of bitcoin's bull run. During the month, he sold 100,739 GBTC shares worth around $2.5 million at the time.

On December 19, the company sold an additional 809,441 GBTC shares valued at $27.9 million. December the 28th, liquidI went out with its remaining GBTC holdings worth $200 million.

Ark Invest then used the proceeds from the sales to purchase the BITO bitcoin futures ETF. According to Bloomberg ETF analyst Eric Balchunas, the BITO purchase is temporary as the investment firm looks for another investment.

Today ARK sold everything it had left $GBTC position (it was ARKW's largest holding just a month ago) and used half the money, about $100 million, to buy $LITTLEprobably as liq transition tool to hold beta to btc while moving forward $ARKW either $ARKB. The end of an era. h/t @DilksJay @funwithnumberz pic.twitter.com/J1i92qcmzo

– Eric Balchunas (@EricBalchunas) December 28, 2023

Ark Invest is now the second largest holder of the BITO bitcoin futures ETF.

Wood has been rebalancing his funds' weightings amid anticipation over the potential approval of spot bitcoin ETFs.

While speaking to Yahoo Finance, Cathie Wood predicted that the approval of a bitcoin ETF will hurt bitcoin-price-prediction-experts-forecast-bullish-trends-calsona-o1vue/”>The price of bitcoin in the short term, as investors “sell on the news.”

.@CathieDWood believes that the SEC approves the spot $btc The ETFs will give “the green light for institutional investors to participate.” pic.twitter.com/AzxPPox3S5

— Yahoo Finance (@YahooFinance) December 26, 2023

Read also

New crypto mining platform: bitcoin Minetrix

<img decoding="async" class="inContentProviderSingle–img mb-3" alt="bitcoin Minetrix” width=”125″ height=”60″ src=”https://technicalterrence.com/wp-content/uploads/2023/12/Cathie-Wood39s-Ark-Invest-Offloads-More-Coinbase-Stock-Ditches-GBTC”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix.svg”/>bitcoin-minetrix.svg” alt=”bitcoin Minetrix” width=”125″ height=”60″/>

• Audited by Coinsult
• Secure and decentralized cloud mining
• Earn free bitcoin daily
• Native Token on Pre-Sale Now – BTCMTX
• Staking Rewards: Over 100% APY

<img decoding="async" class="inContentProviderSingle–img float-right" alt="bitcoin Minetrix” width=”125″ height=”60″ src=”https://technicalterrence.com/wp-content/uploads/2023/12/Cathie-Wood39s-Ark-Invest-Offloads-More-Coinbase-Stock-Ditches-GBTC”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix.svg”/>bitcoin-minetrix.svg” alt=”bitcoin Minetrix” width=”125″ height=”60″/>