NEW YORK – Ark Invest, the investment firm known for its focus on innovative technologies, has made a strategic adjustment to its cryptocurrency portfolio. The company sold more than $425,000 worth of shares of cryptocurrency exchange Coinbase (NASDAQ:) through its exchange-traded funds (ETFs) ARKK, ARKW and ARKF.
In a notable move, the ARKW fund divested a significant number of shares of Grayscale Bitcoin Trust (OTC:GBTC), totaling 2.25 million, and also sold 231,102 shares of Block Inc. (NYSE:SQ), a financial services and mobile payment company. Proceeds from these sales were redirected to bitcoin-related ETFs, such as ARKA and BITO, demonstrating a reallocation strategy within the cryptocurrency space.
These trades took place as Coinbase’s stock price saw a notable spike, reaching $187.39 before settling at $173.92 after a considerable rise in December. This price movement reflects the market’s growing interest and investment in cryptocurrencies.
Moving forward, the Securities and Exchange Commission (SEC) is expected to review applications to create Bitcoin ETFs between January 5 and 10. Ark Invest’s ARKB ETF is among the candidates for potential approval, alongside other proposals from major financial entities such as BlackRock and Fidelity. The outcome of these reviews could have significant consequences for the cryptocurrency market and future investment strategies.
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