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As the deadline for the U.S. Securities and Exchange Commission’s (SEC) expected approval of the spot Bitcoin ETF looms, the offloading of crypto stocks continues. After reports said Coinbase executives sold positions in the $COIN stock, Cathie Wood’s asset management firm Ark Invest is said to have sold all the remaining stocks of Grayscale Bitcoin Trust (GBTC).
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Preparing For Grayscale Bitcoin ETF?
While the wider financial markets become increasingly confident of the SEC’s approval of the spot Bitcoin ETF before the deadline of January 10, 2024, it remains to be seen how crypto stocks would perform in the lead up to the deadline. In this context, Bitcoin Magazine informed on X platform that Cathie Wood decided to offload all the remaining stocks of the Grayscale GBTC. This may be looked at a way to adjust Ark Invest’s portfolio ahead of the spot Bitcoin ETF approval. Alternatively, this could also be a move to safeguard from potential risks associated with market corrections ahead of the January 10, 2024 deadline.
On December 21, 2023, CoinGape reported that Ark Invest continued the sale of holdings in Coinbase and Grayscale Bitcoin Trust (GBTC), while at he same time investing in Tesla, Meta, and Block Inc shares. At the time, Ark Invest sold as many as 398,383 Grayscale Bitcoin Trust (GBTC) shares worth over $14 million. CoinGape reported earlier that top Coinbase executives sold close to 250,000 $COIN shares in the matter of few days.
Cathie Wood’s Bright Outlook To SEC’s Approval
Earlier, Wood stated that the discussions around Bitcoin ETF filings with the SEC officials were encouraging and very positive. The meetings, with several ETF filers, involved thoughtful, detailed and technical questions, she said. While the SEC’s reservations around the issuers sticking with cash creates redemption model was widely discussed, it remains to be seen if the agency sets out a single date of launch for issuing the ETFs, irrespective when the approvals are given to each of the applicants.
Also Read: Bitcoin ETF: Attorney Says US SEC’s Holiday Week Meetings Means “It’s Coming”
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