Cathie Wood’s Ark Invest Sells Coinbase and GBTC Shares
Cathie Wood’s investment management firm, Ark Invest, has sold a significant number of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares. The firm offloaded 237,572 COIN shares worth $34 million and 168,127 GBTC shares worth $6 million. This move comes as prices continue to surge due to the market-wide rally driven by Bitcoin’s price surpassing $44,000.
The ARK Innovation ETF (ARKK) sold 201,711 COIN shares, while the ARK Next Generation Internet ETF (ARKW) offloaded 7,326 COIN shares. Additionally, the ARK Fintech Innovation ETF (ARKF) sold 28,525 COIN stocks.
The decision to sell Coinbase holdings coincided with the COIN price reaching a 19-month high during the early stages of the bull market recovery. It also followed Binance CEO CZ stepping down, which resulted in an increase in Coinbase’s market share.
Although Coinbase stock closed 0.63% lower at $140.20 on Tuesday after hitting a high of $147.86, it has rallied by 16% in a week and 63% in a month.
Ark Invest has been consistently selling COIN shares, having sold 10,218 shares worth $1.4 million on December 4 and more than 300,000 shares since last month. Additionally, the ARK Next Generation Internet ETF (ARKW) offloaded 168,127 GBTC shares. Since October, ARKW has dumped over 800,000 GBTC shares as the negative premium narrows to 8%.
GBTC’s price has seen a YTD surge of 330% and closed 4.35% higher at $35.10 on Tuesday, although it is trading slightly lower in pre-market hours.
Robinhood Shares Remain a Favorite
Ark Invest’s funds continue to buy Robinhood (HOOD) shares, expecting a significant rally during the bull market. Robinhood recently announced its expansion to the United Kingdom as part of its strategy and reported a substantial increase in trading volumes on its platform.
The ARK Fintech Innovation ETF (ARKF) purchased 9,586 HOOD shares as the price rose above $10. On December 4, ARKF also bought 14,702 Robinhood shares as the price jumped by 15% in a week.
HOOD’s price closed 10.26% higher at $10.53 on Tuesday and is trading 2.56% higher in pre-market hours on Wednesday.
Hot Take: Cathie Wood’s Ark Invest Adjusts Holdings Amid Market Rally
Cathie Wood’s Ark Invest has made strategic adjustments to its holdings by selling off Coinbase and GBTC shares while buying more Robinhood shares. This move comes as the market experiences a rally driven by Bitcoin’s surging price. By offloading Coinbase shares, Ark Invest capitalizes on their increased value, while also showing confidence in Robinhood’s potential for a significant rally. These adjustments reflect Ark Invest’s investment strategy and their continuous monitoring of market trends and opportunities.
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