Cathie takes her profits. A new euphoria seems to have taken over the crypto-asset market in recent days, with good news anticipated on Bitcoin Spot ETFnotably on that of BlackRock. Also, with a BTC price rising sharply (even reaching $35,000), Cathie Woodfounder and director ofARK Investdecided to take a little of his profits made on his shares of Coinbaseand on its shares in the Bitcoin fund of Grayscale.
Buy at the bottom of the crypto market, and take profits during the rise
There pressure seems to be so enormous on the shoulders of the DRY (Securities and Exchange Commission) that its approval of a Bitcoin Spot ETF no longer seems to be a question of “yes or no?” ”, but a question of “ When ? “.
Recent good news regarding exchange traded funds deposited by BlackRock And Grayscaleseem to have relaunched the bulls (bulls) that drove the crypto market higher – Bitcoin in the lead – towards price peaks not seen since May 2022 !
Before getting to the news of the day, let us first remember that Cathie Wood and its fund ARK Invest had the right idea to buy COIN shares from Coinbase during the market bottom on cryptocurrencies. Enter here end of 2022 (market low) and the early 2023 (very beginning of the market rebound) ARK Invest thus gorged itself on COIN action, but also of shares of Grayscale Bitcoin Trust (GBTC) from Grayscale Investments.
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The time of “ take profit » begins for Cathie Wood and ARK Invest
But, back to today. This October 24, 2023, we learn that Cathie Wood has sold a good part of its COIN shares and its shares of GBTC. These are, more precisely, its funds ARK Next Generation Internet ETF (ARKW) And ARK Fintech Innovation ETF (ARKF) who sold 32,158 and 10,455 shares of Coinbase, respectively. Totaling 42,613 CORNERfor a transaction valued at nearly $3.3 million (for a quote at $77.2 per share).
The ARKW fund also shed 100,739 shares of GBTC. With a closing price yesterday at $24.7 per share, this sale of Grayscale’s Bitcoin fund brought in approximately $2.5 million in the coffers of ARK Invest.
These sales therefore amount to nearly $5.8 million in total. Given that the purchases were made over several months and in varying quantities between the end of 2022/beginning of 2023, it is difficult to quantify realized capital gains. But to give you an idea, COIN stock was under 40 dollars in December 2022 (compared to $77.2 at yesterday’s close), and the share of GBTC towards the 8 dollars at this same period (compared to $24.7 at the last close).
In other words, it smells the big profit very juicy from ARK Invest. And if Cathie Wood seems to have made a new investment masterstroke with these resales, it’s neither the first nor probably the last. Because she had already done sell and take profits by his fund last July, shortly after BlackRock’s spot Bitcoin ETF announcement. And they have plenty of COIN and GBTC left to pull off other spectacular masterstrokes.
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