ARK Invest Coinbase Share Sale Takes December Total Close to $200M
Cathie Wood’s investment firm also sold GBTC stock while increasing its holdings of Block.
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Grayscale Bitcoin Trust
Cathie Wood’s investment firm also sold GBTC stock while increasing its holdings of Block.
Digital asset manager Grayscale’s bitcoin investment vehicle’s shares fell 8.6% Monday, reflecting the day’s 5.8% drop in bitcoin.
ARK has been consistently selling Coinbase stock in recent weeks. Friday’s is the largest sale since July, when it sold 480,000 shares worth $50.5 million at the time.
ARK sold a total of 237,572 COIN shares across three different ETFs: ARKK, ARKW and ARKF.
The bitcoin price could come under pressure as some of the money is likely to completely exit the ecosystem, the report said.
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The SEC was last week ordered to review its prior rejection of the conversion of the Grayscale Bitcoin Trust (GBTC), though not necessarily to approve it.
(GR Stocks/Unsplash, modified by CoinDesk)
The crypto industry’s campaign to set up exchange-traded funds (ETFs) has now pushed the U.S. Securities and Exchange Commission against a wall with Grayscale Investments’ consequential court win, but it’s still up to the agency to decide whether to retreat or keep fighting.
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