Cathie Wood’s Ark Invest Sells $3.3 Million in Coinbase Shares, $2.5 Million in GBTC
October 24th, Cathie Wood's Ark Invest sold shares of Coinbase Global Inc and purchased shares of Robinhood. It is reported that Ark Invest sold a total of 42,613 shares of Coinbase through the ARK Next Generation Internet ETF and Ark Fintech Innovation ETF, with a transaction value of approximately $3.3 million. In addition, Ark Invest also sold 100,739 shares of Grayscale Bitcoin Trust, with a transaction value of approximately $2.5 million.
ARK files updated prospectus for Bitcoin spot ETF
Eric Balchunas, a senior ETF analyst at Bloomberg, stated on social media that ARK had just submitted an updated prospectus for its Bitcoin spot ETF. A few weeks ago, the SEC sent an email to the issuer with comments and questions about the S-1 form. It is likely that ARK has responded to these issues in this submission. Balchunas specifically pointed out some changes in the new prospectus, such as the NAV calculation not complying with GAAP accounting principles, and the description of how assets are stored independently in "wallets" without being mixed with other client assets.
Balchunas believes that this means that ARK has responded to all of the SEC's comments and has once again handed decision-making power back to the SEC. He stated that while approval may not come immediately, this "back-and-forth communication" with the SEC is a very positive signal.
ARK Invest Submits Updated Version of Its Spot Bitcoin ETF
Bitcoin Magazine reported that after the SEC sent questions regarding their application to the applicant via email a few weeks ago, Cathie Wood's company, ARK Invest, submitted an updated version of their spot Bitcoin ETF.
Bloomberg Analyst: The Final Deadline for the Consideration of Ethereum Spot ETF Applications Is Expected To Be May 23, 2024
Bloomberg analyst James Seyffart commented on social media regarding the "ARK 21Shares Ethereum ETF" jointly submitted by ARK Invest and 21Shares, as well as the "VanEck Ethereum Spot ETF" submitted by Cboe BZX, stating that "the Ethereum ETF race has officially begun. It is still too early to tell, but I estimate that the Securities and Exchange Commission (SEC) will have a final deadline for reviewing these applications on May 23, 2024. It is worth noting that we have not seen VanEck's spot Ethereum ETF S-1 document before, because they submitted this application as early as 2021."
Cathie Wood Predicts $25 Trillion Crypto Market Valuation in 2030 Fueled by Institutional Bidding: Report
Cathie Wood, CEO of ARK Invest, has predicted that the total market capitalization of cryptocurrencies will increase by over 2,100% in less than seven years. Wood believes that financial institutions will begin investing heavily in Bitcoin and other digital assets, leading to a surge in the crypto market cap. She suggests that the approval of a Bitcoin exchange-traded fund (ETF) could be a catalyst for institutional investment, and the recent victory of Grayscale against the SEC may increase the chances of ETF approval. Wood predicts that institutional investment could raise the current $1.13 trillion crypto market cap to as high as $25 trillion by 2030, with Bitcoin comprising more than half of that total market cap.
ARK Invest and 21Shares Jointly Submit Two Ethereum Futures ETF Applications
August 25th, Bloomberg senior ETF analyst James Seyffart posted that ARK Invest and 21Shares have jointly submitted two Ethereum futures ETF applications, one of which is an Ethereum futures ETF with the code ARKZ, and the other is a Bitcoin + Ethereum futures ETF with the code ARKY.
ARK Invest and Glassnode propose new framework for analyzing Bitcoin on-chain metrics with Cointime Economics
ARK Invest and Glassnode have introduced a new framework for analyzing Bitcoin on-chain metrics called Cointime Economics. This method introduces a new measure called the coinblock to represent the state of the Bitcoin network, which can be used to represent Bitcoin's economic state instead of outstanding supply. The use of this new system may improve valuation metrics and provide a new analytical tool to measure Bitcoin activity. <br>
Ark Invest's "Sleeper Wave" of AI Investment Opportunities Excludes Mega-Cap Tech Stocks
Ark Invest, a tech-focused asset manager, has identified several companies as part of its "Sleeper Wave" of promising investment opportunities in artificial intelligence. Ark suggests that there are many less understood opportunities trading at lower valuations that may soon deliver significant "earnings surprises." Companies with proprietary data, distribution advantages, and strong leadership are best positioned to capitalize on the productivity gains and new markets created by artificial intelligence, according to Ark's research.
Empowered Funds Files to Launch Three Bitcoin Futures ETFs
Empowered Funds has applied to launch three Bitcoin futures ETFs, which will use the Ark Invest and 21Shares brands. The Ark 21Shares Active Bitcoin Futures ETF will primarily invest in Bitcoin futures traded on the Chicago Mercantile Exchange and will serve as the underlying ETF for the other two Bitcoin-related ETFs.
From August 11th to August 17th, ARK Invest has reduced its holdings of Coinbase stocks by more than 12 million US dollars
Data shows that from August 11th to August 17th, ARK Invest reduced its holdings of 167,573 shares of Coinbase stock (COIN), which is worth approximately $12.26 million at current prices. As of Friday's close, COIN was trading at $73.19.
