- Cathie Wood’s company has divested from GBTC stock amid the ongoing bull run.
- ARK is among a series of applicants waiting for the SEC to approve its spot Bitcoin ETF.
Cathie Wood’s ARK Invest was in the news again for its recent multimillion-dollar trades.
On November 6, ARK sold $3.76 million worth of Grayscale Bitcoin Trust (GBTC) shares. This was a continuation of ARK’s shedding of GBTC shares during the ongoing bull run.
The investment firm sold $4.37 million worth of GBTC shares at the end of October.
This time, ARK purchased $5.61 million worth of shares of Block, Inc., a fintech conglomerate co-founded by Jack Dorsey.
Cathie Wood and Ark Invest’s trading activity as of today 11/6 pic.twitter.com/7Fbc7i6SUs
— Ark Invest Daily (@ArkkDaily) November 7, 2023
ARK Invest – a major TradFi player in the DeFi sector
ARK Invest’s transactions have always made waves in the crypto industry, as it is one of the main traditional financial companies (TradFi) that got involved in the crypto sector quite early.
Notably, ARK is among a series of applicants awaiting the SEC’s approval of the Bitcoin Exchange Traded Fund (ETF).
ARK filed for a spot Bitcoin ETF for the first time in 2021. Since then, the SEC has denied all her applications.
Wood has remained bullish on Bitcoin, believing that several spot Bitcoin ETFs will soon be approved by the US Securities and Exchange Commission (SEC).
In an interview with CNBC last month, she alluded to the SEC’s changing stance.
Will Bitcoin continue to rise?
Meanwhile, BTC is up almost 25% since mid-October when it started to rise. At the time of writing, it was exchanging hands for $34,706. The market cap has also increased by almost the same margin to $675 million.
Source: BTC/USD, TradingView
If the SEC approves the ETFs, it will lead to a bigger BTC price rally. Furthermore, the Bitcoin halving scheduled for next year will also contribute to this phenomenon.
At the same time, the way regulators in different markets implement crypto regulations will also influence price developments.