Cathie Wood, a prominent Bitcoin advocate, recently sold nearly $5.8 million in Coinbase and Grayscale Bitcoin Trust (GBTC) shares during a 10% surge in Bitcoin’s value.
Ark Invest, her investment firm, executed the sale with $3.29 million from 42,613 COIN shares and $2.48 million from 100,739 GBTC shares. This move coincided with Bitcoin’s record high of over $34,000 in 2023.
Ark Invest is the second-largest GBTC shareholder, holding over $130 million in the trust. GBTC comprises 10.42% of ARKW, a fund focused on internet-based products and services, while COIN accounts for 9.08% of the ARKW portfolio. Both COIN and GBTC have seen significant gains in 2023, with COIN up 130% and GBTC up 201% year-to-date.
In parallel, Grayscale’s flagship Bitcoin fund’s shares rose by 4.5% as the U.S. Court of Appeals compelled the SEC to reconsider Grayscale’s spot Bitcoin ETF application. This lawsuit followed the SEC’s refusal to allow the conversion of GBTC into a spot Bitcoin ETF. The court’s ruling does not guarantee the conversion but has generated market optimism.
Cathie Wood, Ark Invest’s CEO, has been a long-standing Bitcoin supporter, having previously predicted a $1 million Bitcoin price target. The firm is actively pursuing the launch of its spot Bitcoin ETF, recently submitting a second amended application.
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