The global cryptocurrency market printed green indexes on Thursday as the world’s largest digital asset, Bitcoin (BTC) price closes to a crucial $37K level. Grabbing the opportunity, Cathie Wood’s ARK Invest made several significant moves in the trading market which might deliver mixed signals to investors.
Why ARK Invest is dumping?
As per the data, the ARK Next Gen Internet ETF (ARKW) on November 8, offloaded 48,477 units of Grayscale Bitcoin Trust (GBTC). These shares were worth around $1.34 million. However, the investing firm sold 72,509 units of GBTC last month. Despite these sell-offs, GBTC maintains its dominance in the ETF with a weight of 9.88%.
It is important to note that the Grayscale Bitcoin Trust has recorded an impressive 235% surge on the year to date (YTD) basis. The surge has outpaced both Bitcoin (BTC) and major U.S. stock indices. As we look at the discount of GBTC relative to its net asset value has narrowed to 12.26% which is a major recovery by going by 48% recorded in December 2022.
Reports suggest that the GBTC recovery is fueled by optimism surrounding potential approval from the U.S. Securities and Exchange Commission (SEC) for converting the trust into a spot-based ETF. As of now, GBTC market price per share stands at $27.80.
Bitcoin price is up by over 4% in the last 24 hours. BTC is trading at an average price of $36,701, at the press time. A little push up from here will send the world’s biggest crypto to breach the crucial $37k price level. Bitcoin’s 24 hour trading volume is up by 27% to stand at $23.7 billion.
ARK adds more Robinhood shares
Cathie Wood’s ARK Invest made another substantial investment in Robinhood (HOOD) following the trading platform’s plans to explore in Europe. ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) collectively purchased 1,141,046 Robinhood shares, valued at $9.54 million based on Wednesday’s closing price of $8.36.
This move suggests Cathie Wood and ARK Invest’s confidence in Robinhood’s expansion strategy. Meanwhile, Robinhood reported fewer monthly active users. Its users have fallen to 10.3 million in the third quarter. As per the data, its third-quarter revenue rose 29% to $467 million falling short of $480 million expectation set by experts.
