- Ark’s Next Generation Internet ETF continued to sell Coinbase and Grayscale Bitcoin Trust shares on Tuesday, according to an update from the fund manager’s trading desk.
- Following the recent rapid increase in the price of Bitcoin, other cryptocurrencies and related stocks have also experienced growth, with Bitcoin gaining nearly 20% in value over the past seven days.
- Grayscale filed a lawsuit against the SEC after the regulator rejected its spot Bitcoin ETF application, with the case ultimately favoring Grayscale.
After the recent Bitcoin price rally, ARK Invest has begun selling shares in Coinbase and Grayscale Bitcoin Trust.
ARK Invest Sells Coinbase and GBTC Shares
Cathie Wood’s Ark Invest company continued selling Coinbase and Grayscale Bitcoin Trust shares for the second consecutive day on Tuesday. According to an update from the fund manager’s trading desk, Ark’s Next Generation Internet ETF sold 21,062 shares from Coinbase and 72,509 shares from GBTC on Tuesday.
These sales were valued at approximately $3.6 million based on Coinbase’s closing price of $82.07 and GBTC’s closing price of $26.16 on Tuesday. These recent sales follow Ark’s $5.8 million sale of Coinbase and GBTC shares on Monday.
The recent rapid increase in Bitcoin’s price has also triggered growth in other cryptocurrencies and crypto-related stocks. Bitcoin has gained nearly 20% in value over the past seven days and is currently trading at approximately $34,150, according to data.
Optimism in the market is increasing due to expectations of the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, which could lead to more investment and price movements. According to Galaxy Digital, after the introduction of spot Bitcoin ETFs, they could attract at least $14.4 billion in the first year. In the second year, these inflows could rise to $27 billion, and in the third year, they could reach up to $39 billion.
Grayscale Awaits SEC Approval
Grayscale filed a lawsuit against the SEC after its spot Bitcoin ETF application was rejected, and the court ruled in favor of Grayscale. According to the court’s decision, the SEC arbitrarily rejected Grayscale’s request to convert its GBTC product into a spot Bitcoin ETF. The SEC will now have to reevaluate this application.
Analysts and experts continue to expect the approval of a spot Bitcoin ETF in 2023. Even if the SEC does not make any decisions in 2023, it will be required to make a definitive decision on ARK Invest’s spot Bitcoin ETF application by January 10, 2024.
