- 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
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Source link: https://dailycoin.com/ark-invest-offloads-coin-and-gbtc-shares-amid-bitcoin-rally/
