COIN

Grayscale Bitcoin Trust

<h2 style="text-align: center;" id="bitcoin-surges-as-ark-makes-strategic-choices">Bitcoin Surges as Ark Makes Strategic Choices</h2> 
<p>Bitcoin’s value recently soared by over 10%, sparking excitement about the potential approval of a spot ETF. In the midst of this, Cathie Wood’s Ark Invest decided to make a significant move. They sold nearly $5.8 million in assets linked to Bitcoin.</p> 
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<h2 style="text-align: center;" id="strong-details-of-the-sale-strong"><strong>Details of the Sale</strong></h2> 
<p>Ark Invest’s recent newsletter gave us a peek into their trading decisions. They sold 42,613 COIN shares, which were valued at $3.29 million by Monday’s end. They also let go of 100,739 Grayscale Bitcoin Trust (GBTC) shares, which amounted to $2.48 million. All this happened when Bitcoin’s value touched a record $34,000 for 2023.</p> 
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<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Cathie Wood and Ark Invest’s trade activity from today 10/23 <a href="https://t.co/3SilCpHQFG">pic.twitter.com/3SilCpHQFG</a></p> 
 <p>— Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1716607091975008273?ref_src=twsrc%5Etfw">October 24, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
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<h2 style="text-align: center;" id="strong-ark-s-position-in-the-market-strong"><strong>Ark’s Position in the Market</strong></h2> 
<p>Ark Invest holds a strong position in the crypto market. They are the second-largest shareholder of GBTC with a whopping $130 million. GBTC also dominates Ark’s ARKW fund, accounting for over 10% of it. COIN isn’t far behind, making up 9.08% of the ARKW portfolio.</p> 
<p>By the end of Monday, COIN had seen a 130% growth since the year’s start. GBTC, on the other hand, had an even more impressive rise of 201% YTD.</p> 
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<h2 style="text-align: center;" id="strong-grayscale-s-battle-with-the-sec-strong"><strong>Grayscale’s Battle with the SEC</strong></h2> 
<p>Grayscale’s Bitcoin fund saw a 4.5% rise on Monday. This happened when news spread about the U.S. Court of Appeals pushing the SEC to reconsider Grayscale’s spot Bitcoin ETF application. Grayscale had previously taken the SEC to court for not allowing GBTC to convert into a spot Bitcoin ETF. The court sided with <a href="https://walletinvestor.com/magazinadmin/spot-bitcoin-etf-approval-nears-grayscales-legal-victory/">Grayscale</a> in August, stating the SEC didn’t provide a clear reason for their decision. The SEC has been cautious, often delaying or denying spot Bitcoin ETF applications due to concerns about market manipulation.</p> 
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<h2 style="text-align: center;" id="strong-ark-s-recent-gbtc-sale-strong"><strong>ARK’s Recent GBTC Sale</strong></h2> 
<p>ARK’s recent <a href="https://cointelegraph.com/news/ark-gbtc-stock-sale-bitcoin-etf">sale of GBTC shares</a> is noteworthy. GBTC is a major asset in ARKW, making up more than 10% of its portfolio. ARK sold GBTC shares worth $2.5 million. This sale is significant as GBTC’s value has risen by over 200% this year. This is ARK’s first reported GBTC transaction since November 2022.</p> 
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<h2 style="text-align: center;" id="strong-speculations-and-future-moves-strong"><strong>Speculations and Future Moves</strong></h2> 
<p>Some believe ARK’s recent sale is due to their anticipation of the SEC’s decision on their Bitcoin-based ETF. If ARK gets approval for their spot Bitcoin ETF, they might prioritize it in ARKW and reduce their GBTC holdings.</p> 
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<h2 style="text-align: center;" id="strong-other-transactions-by-ark-strong"><strong>Other Transactions by ARK</strong></h2> 
<p>Apart from GBTC, ARK also sold Coinbase shares worth $3.4 million. However, they added Robinhood shares to ARKW, valued at $300,000.</p> 
<p>In conclusion, ARK’s recent moves reflect the dynamic nature of the crypto market. As Bitcoin’s value rises and the potential for spot ETFs becomes more tangible, major players like ARK are making strategic decisions to maximize their gains.</p> 
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Ark Invest Sells Grayscale Bitcoin Trust Holdings Amidst Crypto Shifts

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