Cathie Wood’s Ark Invest Sells More Coinbase and GBTC Shares
Cathie Wood’s Ark Invest has continued to sell shares of Coinbase, the largest US-based crypto exchange, during the ongoing crypto rally. According to Ark Invest Daily, the fund management firm sold $24.2 million worth of Coinbase shares and $3.4 million worth of Grayscale Bitcoin Trust shares on Wednesday. The day before, they had dumped nearly $33 million in Coinbase shares and $5.9 million of Grayscale Bitcoin Trust shares.
Ark Invest Sells Coinbase Shares Through Different ETFs
Ark Invest sold 120,433 Coinbase shares across three different exchange-traded funds: Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF). Despite the selling spree, Ark Invest still holds over 6 million Coinbase shares with a market value of over $960 million, which amounts to 11.64% of all ARKK holdings.
Coinbase Shares Up, Bitcoin Price Surges
Coinbase shares have seen a nearly 7% increase in the last five days, while the price of Bitcoin has surged by almost 16% in the last seven days. Bitcoin’s surge is driven by factors such as potential approval of a spot BTC ETF in the US and anticipation of the Federal Reserve lowering interest rates. The closing price of COIN on Wednesday was $140.20 with a 4% decrease in pre-market trading.
Hot Take: Ark Invest Continues to Sell Coinbase and GBTC Shares
Cathie Wood’s Ark Invest has been actively selling off its holdings of Coinbase and Grayscale Bitcoin Trust shares amid the ongoing crypto rally. This selling spree comes as the price of Bitcoin surges and various factors contribute to its upward momentum. Despite the selling activity, Ark Invest still maintains a significant stake in Coinbase, indicating its continued interest in the crypto exchange. As the crypto market continues to evolve, it will be interesting to see how Ark Invest’s investment strategy adapts to changing market dynamics.
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