Why Ark Invests Cathie Wood Sold These Crypto Stocks
However, going against the grain, Ark Invest divested nearly $5.8 million of its Coinbase and GBTC shares. Detailed in its recent newsletter, the firm unloaded 42,613 COIN shares through ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF, netting around $3.29 million. Additionally, the firm sold 100,739 shares of GBTC at $24.70, totaling approximately $2.48 million. Lesen Sie mehr: Krypto vs. Aktien: Wo Sie Ihr Geld im Jahr 2023 anlegen In a divergent move, Ark Invest scooped up 259,628 shares of Robinhood. This shift in investment strategy comes at a time when the firm holds a substantial position in GBTC, being its second-largest shareholder with a hefty $130 million in the trust. Why Cathie Wood Is Selling Crypto Stocks The rationale behind this unexpected portfolio reshuffling could be manifold. Ark Invest, alongside 21Shares, has been in the queue for a Bitcoin ETF, engaging with regulators to clear the path. According to Wood, there is a noticeable shift in the SECs stance, evident from its engagement in dialogue over the Bitcoin ETF applications. “The SEC is engaging with us for the Bitcoin ETF application. It indicates a change in the SECs behavior. Bitcoin ETFs will definitely be approved, and multiple ETFs will receive approval simultaneously. The