News 
Coin Information 
About us 
ARK Invest, under the leadership of Cathie Wood, recently made significant changes to its portfolio, shedding portions of its stakes in the Grayscale Bitcoin Trust (GBTC) and Coinbase (COIN). The value of the sold shares is roughly $1.8 million for GBTC and approximately $1.7 million for COIN.
A disclosure released post market-close on Tuesday detailed the investment firm's actions. Specifically, ARK Next Generation Internet ETF divested 21,062 shares of COIN and 72,509 units of GBTC.
Bitcoin's performance has been noteworthy, inching close to a level not seen in 16 months. The data from options markets adds weight to the belief that Bitcoin's current bullish run may not be ending anytime soon. Many experts believe that this uptick in Bitcoin's value is rooted in the expectancy of a potential spot ETF green light.
ARK Invest has seemingly been leveraging this positive wave around Bitcoin. By selling off parts of its GBTC holdings and recalibrating its portfolio, ARK is realigning with other stocks like Coinbase and Robinhood. Interestingly, in the challenging times of the 2022 cryptocurrency downturn, ARK Invest showed its confidence in the market by heavily purchasing COIN and GBTC.
It's also worth noting that just a day prior, on Monday, the firm liquidated a substantial portion of its assets in Coinbase, amounting to about $3.3 million. This was in addition to the sale of 100,739 GBTC shares.
The shifts in ARK's portfolio reflect the evolving strategies of major investment firms in response to the dynamic cryptocurrency market. It will be interesting to monitor how these adjustments play out in terms of long-term gains and the company's position in the market.
Comment 0