Amid a thriving crypto surge primarily propelled by Bitcoin, Cathie Wood’s Ark Invest decided to divest. They parted with 42,613 shares of Coinbase and 100,739 shares of the Grayscale Bitcoin Trust.
This strategic move took place on a Monday, synchronizing with the dynamic pulse of the digital coin market.The Ark Next Generation Internet ETF (ARKW) took action by selling 32,158 Coinbase shares.
Simultaneously, the Ark Fintech Innovation ETF swiftly divested itself of 10,455 Coinbase shares. In a coordinated move, ARKW chose to divest its substantial holding of 100,739 GBTC shares.
When we take into account the closing values of that particular Monday, the cumulative value of these transactions reached a remarkable $5.8 million.
Coinbase and GBTC Soar as Crypto Grows, Bitcoin Breaks $35,000 Barrier
Notably, Coinbase was priced at $77.21 per share, and GBTC maintained its stability at $24.71.
During this period, these divestments occurred while both Coinbase and GBTC were experiencing substantial surges in their valuations. This can be attributed to the rapidly escalating enthusiasm in the crypto market.
Furthermore, on the very same Monday, Bitcoin leaped beyond the $35,000 milestone, driven by the growing anticipation of regulatory approval for spot Bitcoin Exchange-Traded Funds (ETFs).
Ark Invest: Exciting Advances and Competition in the World of Bitcoin ETF
To intensify the excitement further, the much-anticipated spot Bitcoin ETF from BlackRock, known as the iShares Bitcoin Trust, emerged. It did so by making a notable appearance on a carefully curated list maintained by the Depository Trust and Clearing Corporation.
This revelation hinted at the promising possibility of impending regulatory approval. This development hinted at the tantalizing prospect of imminent regulatory endorsement. It’s important to highlight that Ark itself has actively entered the competition for a spot Bitcoin ETF.
This move involves a collaboration with 21Shares and the submission of an application to the SEC. At present, there are approximately 12 spot Bitcoin ETFs awaiting approval from the SEC.
Bitcoin ETF Approval Delays Continue as Bitcoin Surges to $34,000
In a recent twist of events, the regulatory body decided to extend the waiting period for all pending spot Bitcoin ETF applications. This decision only serves to further lengthen the already lengthy review process, potentially by at least another month.
The current trading value of Bitcoin stands at approximately $34,000. This represents a notable increase of 20% over the course of the past week. This data has been obtained from CoinGecko, a reliable source for cryptocurrency information.