Ark Invest Continues Selling Coinbase and GBTC Shares
Cathie Wood’s asset management firm Ark Invest has sold a significant number of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares. The latest transactions show that Ark Invest offloaded 149,780 COIN shares worth around $25 million and 398,383 GBTC shares worth over $14 million. The selling spree was carried out by ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). Despite the bullish sentiment in the crypto market, Wood has been actively managing her funds by selling off Coinbase shares since July this year.
Bitcoin Stocks Hit New Highs as Ark Invest Sells
The prices of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) have been reaching new 52-week highs while outperforming Bitcoin and Nasdaq-100 year-to-date. On Wednesday, COIN closed at $161.86 after hitting a new high of $169.48, while GBTC closed at $35.83 after reaching a high of $36.56. The surge in prices is attributed to the anticipation of the approval of a spot Bitcoin ETF in early January and the overall rally in the crypto market.
Ark Invest Adds Tesla, Meta, and Block Shares
In addition to selling COIN and GBTC shares, Ark Invest has also made notable purchases. The firm bought Tesla (TSLA) shares after 8 months of not holding any. ARK Innovation ETF (ARKK) acquired 93,965 TSLA shares, while ARK Next Generation Internet ETF (ARKW) purchased 17,422 TSLA shares. Furthermore, ARK Fintech Innovation ETF (ARKF) increased its holdings of Meta Platforms (META) by 16,271 shares worth $5.6 million. ARKW also bought 158,334 Block Inc (SQ) shares, following a previous purchase of 347,692 SQ shares valued at over $27 million.
Hot Take: Ark Invest Adjusts Crypto Portfolio
Cathie Wood’s Ark Invest has made significant adjustments to its crypto portfolio, selling off Coinbase and Grayscale Bitcoin Trust shares while adding positions in Tesla, Meta, and Block Inc. Wood’s active management strategy aims to capitalize on market trends and optimize returns for investors. The decision to sell Coinbase shares despite the bullish crypto sentiment suggests a calculated move by Ark Invest. As the prices of COIN and GBTC reach new highs, it remains to be seen how Wood’s portfolio adjustments will impact the firm’s performance in the coming months.
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