Coin Edition -
- ARK Invest reduced exposure to cryptocurrency assets for two consecutive days.
- ARK’s Next Generation Internet ETF sold $1.8 million of Grayscale Bitcoin Trust (GBTC) shares and $1.7 million of Coinbase (NASDAQ:COIN) stock.
- On the previous day, ARK Invest sold $3.3 million in COIN shares and over 100,000 GBTC units.
Cathie Wood’s ARK Invest continued reducing exposure to cryptocurrency assets for a second consecutive day on Tuesday. According to disclosures, the firm’s ARK Next Generation Internet ETF sold about $1.8 million worth of Grayscale Bitcoin Trust (GBTC) shares and $1.7 million of Coinbase Global Inc. (COIN) stock.
This comes after ARK Invest reportedly sold $3.3 million in COIN shares and over 100,000 GBTC units on Monday, capitalizing on the recent crypto market rally. The active fund had loaded up on positions in both GBTC and Coinbase during the depths of the 2022 bear market.
ARK trimming crypto exposure after bullish run
ARK Invest’s sales follow a period of rising optimism and token prices across the cryptocurrency market. Bitcoin is up over 15% in the past week, again surpassing the key $34,000 level.
Some of this bullish sentiment has been driven by speculation around a potential spot bitcoin exchange-traded fund (ETF) approval in the U.S. ARK Invest is one of over a dozen firms seeking regulatory approval to launch a bitcoin ETF.
In a recent CNBC interview, Cathie Wood noted that ARK had recently submitted responses to SEC questions about its proposed bitcoin ETF. Wood believes this engagement with regulators is a positive sign that spot bitcoin ETF approvals may be on the horizon.
Rather than a significant shift in its long-term strategy, ARK’s decision to reduce exposure to Coinbase and GBTC could likely be a prudent adjustment to its portfolio, as the real reason still remains unclear. With the rise in optimism, the company may be poised to capitalize on market fluctuations.
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