On Oct. 23, Ark Invest reduced its crypto-related holdings, shedding 42,613 shares of Coinbase and a substantial 100,739 shares of the Grayscale Bitcoin Trust .According to an update from the fund manager’s trading desk on Monday, Ark’s Next Generation Internet ETF led the way by offloading 32,158 shares of Coinbase, while the Ark Fintech Innovation ETF sold 10,455 shares of the popular cryptocurrency exchange.
Simultaneously, ARKW made a divestment of 100,739 GBTC shares. These transactions amounted to approximately $5.8 million in value, based on Coinbase’s closing price of $77.21 and GBTC’s closing price of $24.71 on Monday.its spot Bitcoin ETF filing in response to feedback from the SEC. Presently, approximately 12 spot Bitcoin ETFs are awaiting approval by the agency.
“I don’t think anyone expected the level of price action we’re seeing, and those investors who were shorting Bitcoin in the $33,000 plus range are certainly feeling the pain of that surprise today,” commented a Bitwise Asset Management analyst, reflecting the market sentiment.in Bitcoin’s popularity can be attributed to the introduction of BlackRock’s highly anticipated spot Bitcoin ETF, known as the iShares Bitcoin Trust.
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