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Cathie Wood’s ARKW Next Generation Internet ETF has made a series of buyouts of Coinbase Global Inc. in the past two months and maintains a holding position at Grayscale Bitcoin Trust (GBTC). According to daily updates from cathiesark.com, ARKW Holdings has added more than 112k Coinbase shares since November 9, 2022.
The most recent Coinbase share purchase occurred on January 5, 2023, for 27.83K shares. However, ARKW Holdings had sold more than 174K shares of Coinbase on July 26, when Bitcoin was at its lowest point, around $15.5K.
On the other hand, ARKW Holdings bought GBTC shares twice in 2022 in mid-November. Notably, ARKW purchased a total of 450K shares of GBTC in November last year, with the previous one on July 20, 2021.
According to Cathie Wood, her investment firm is closely monitoring the FTX boom spilling over to DCG via Genesis Trading. The Digital Currency Group is the parent company of Grayscale, Genesis Trading, and Coindesk, among others.
Notably, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Genesis Global Capital LLC and Gemini Trust Company LLC for offering and selling unregistered securities to retail investors through the Earn Gemini product.
“This crisis raises some vexing questions. Instead of Coinbase’s yet-to-launch Lend, why isn’t the SEC targeting Earn, a product that Gemini has already launched, that can protect 340,000 investors from as much as $900 million in losses? Perhaps more importantly, why did his legal counsel not recommend that Gemini release Earn in response to Coinbase’s Wells Notice on Lend?,” Ark Invest noted in a recent post.
Notably, Grayscales GBTC is trading 40 percent below Bitcoin value according to data provided by ycharts. According to our latest crypto price oracle, Bitcoin exchanged around $23k on Monday.
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