- ARK Invest, the investment management company led by Cathie Wood, has continued its additional sales of Grayscale’s GBTC, which has increased by 126% in the last few months and 280% this year.
- According to previous reports by COINOTAG, the ARK Next Generation Internet ETF has sold more than 700,000 shares of GBTC since October 23.
- Coinbase (COIN) shares did not see buying from ARK Invest funds despite higher speculation on the crypto market recovery and spot Bitcoin ETF approval.
Cathie Wood’s investment management company, ARK Invest, continues to sell GBTC shares following the increase in Grayscale’s Bitcoin fund.
ARK Continues to Sell GBTC Shares and Invests in HOOD
Cathie Wood’s investment management company, ARK Invest, has continued its additional sales of Grayscale’s GBTC, which has increased by 126% in the last few months and 280% this year. Meanwhile, despite a significant rally in the crypto market, ARK Invest funds have been buying shares of Robinhood Markets (HOOD) without acquiring Coinbase (COIN) shares.
On November 24, Cathie Wood’s Ark Invest fund, ARK Next Generation Internet ETF (ARKW), sold nearly $3 million worth of 94,624 Coinbase shares, as reported by COINOTAG. This move coincides with a period where the negative premium of Grayscale Bitcoin Trust (GBTC) narrowed to 8.07%.
On November 24, the price of GBTC increased by 2.50%, closing the week at $31.21. The GBTC price has risen by 126% in the last few months and 280% this year, following the SEC’s order for the court to review Grayscale’s application to convert GBTC into a spot Bitcoin ETF.
According to previous reports by COINOTAG, the ARK Next Generation Internet ETF has sold more than 700,000 GBTC shares since October 23. The Ark fund sold 36,168 shares on November 22. Grayscale Bitcoin Trust allows investors to have exposure to Bitcoin in the form of a security.
ARK does not buy Coinbase shares
Despite higher speculation due to the recovery of the crypto market and the approval of the spot Bitcoin ETF, ARK Invest funds have not bought shares of Coinbase (COIN). COIN shares are trading at $115.54 and have gained 50% in value this month.
In a period where Cathie Wood’s Ark Invest funds have not been buying shares of other crypto companies, the attention of the investment management firm has shifted to Robinhood Markets shares. On November 24, the Ark Invest fund ARK Next Generation Internet ETF (ARKW) purchased 93,297 HOOD shares. Additionally, ARK Invest funds have also purchased millions of dollars worth of Robinhood shares.
