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- Per recent reports, Ark Invest has sold a significant portion of its GBTC shares from its Next Generation Internet fund.
- Ark Invest’s CEO, Cathie Wood, is convinced that a Bitcoin spot ETF approval by the SEC will be the final seal for institutional investors.
Per recent reports, Ark Invest has sold shares worth $3.5 million (99,595). The shares were taken out of its Next Generation Internet fund. The move was made not long after it offloaded $5.9 million (168,127) worth of GBTC shares. Notably, the price of GBTC has enjoyed a steady spike. Last week, GBTC raked in 14% worth of gains. GBTC has also secured a 325% year-to-date increase.
In a more recent filing, the investment firm has sold 180,422 COIN ($24.3 million) and 99,595 GBTC ($3.5 million) from its Coinbase and Grayscale Bitcoin Trust shares. Within the first week of December, Ark Invest has offloaded its Coinbase Shares on different occasions.
First from its Fintech Innovation ETF, then from its Next Generation Internet ETF, and finally from its Innovation ETF. This week alone, the company has sold off a total of $59 million from its Coinbase shares.
Bitcoin Proponents Maintain Collective Focus on January 10th
Meanwhile, Cathie Wood, the CEO of Ark Invest has her gaze fixed on Bitcoin Spot ETFs, like the rest of the Bitcoin market. During a recent Webinar, Wood stated that approval from regulators like the U.S. Securities and Exchange Commission (SEC) will be the final seal of approval for institutional players in the crypto ecosystem.
It bears mentioning that Ark Invest had previously partnered with 21 Shares to file for a Bitcoin Spot ETF. Come January 10th, the SEC will rule on the Ark 21Shares Bitcoin ETF (ARKB) by approving or rejecting the ETF application.
Convinced that institutional players will spearhead the growth of the cryptocurrency market in the long term, Wood is quoted as saying;
“I think it’s all coming together, and if you look at our appreciation expectations for bitcoin, the biggest part of the appreciation during the next five to 10 years we think will come from institutional.”
At present, a total of 13 Bitcoin Spot Exchange Traded Funds (ETFs) have been filed by multiple institutions. Sentiments surrounding the Spot ETFs are mostly positive. Notably, a Bloomberg analyst stated that there is a 90% chance of a Spot Bitcoin ETF approval come January.
Wood, like many other promising finance figures, is convinced that the price of Bitcoin will significantly benefit from the ETF approval. She previously made a bold price prediction, stating that the apex cryptocurrency could surge to a whopping $1 million in the future. At press time, Bitcoin is trading for $43,867 after taking in more than 14% in weekly price gains.
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