ARK Invest, the investment fund managed by Cathie Wood, has sold approximately $1.8 million worth of the Grayscale Bitcoin Trust (GBTC) and around $1.7 million worth of shares in Coinbase (COIN) for the second consecutive day.
On Monday, the company sold approximately $3.3 million worth of Coinbase shares and 100,739 GBTC shares.
According to their disclosure, the ARK Next Generation Internet ETF sold 21,062 COIN shares and 72,509 GBTC units as the market closed on Tuesday.
Bitcoin (BTC) has been closing in the last 16 months, and options data trading indicates that the ongoing strong upward trend in the cryptocurrency market is likely to continue.
The surge in Bitcoin’s value is believed to be fueled by the anticipation of an approval of an ETF for Bitcoin.
ARK Invest is taking advantage of this bullish sentiment by selling its holdings in the Grayscale Bitcoin Trust (GBTC) and adjusting its investment portfolio with shares of Coinbase and Robinhood.
ARK had previously acquired significant positions in Coinbase and GBTC during the cryptocurrency market downturn in 2022.
Also Read: Glassnode & Ark Invest Launch ‘Cointime’ for Bitcoin Network
