Ark Invest, led by Cathie Wood, reduces GBTC holdings and acquires Robinhood shares

Ark Invest, led by Cathie Wood, reduces GBTC holdings and acquires Robinhood shares


Cathie Wood’s Ark Invest Reduces Grayscale BTC (GBTC) Holdings

According to recent transactions, Cathie Wood’s Ark Invest fund ARK Next Generation Internet ETF (ARKW) has sold 94,624 Coinbase shares, amounting to almost $3 million.

Meanwhile, the negative premium of the Grayscale Bitcoin Trust (GBTC) has narrowed to 8.07%. The price of GBTC increased by 2.50% on November 24 and closed the week at $31.21. This year, GBTC has seen a surge of 280% after a court ordered the U.S. SEC to review Grayscale’s filing to convert GBTC into a spot Bitcoin ETF.

Since October 23, ARK Next Generation Internet ETF has sold over 700,000 shares of GBTC. On November 22 alone, they offloaded 36,168 shares. GBTC provides investors with exposure to Bitcoin through a security form.

Lack of Interest in Coinbase (COIN) Stocks

Despite the rally in the crypto market and increasing speculation about the approval of a spot Bitcoin ETF, Ark Invest funds have shown no interest in buying Coinbase (COIN) stocks. COIN shares are currently trading at $115.54, marking a 50% increase this month.

Focus on Robinhood Shares

While other crypto stocks did not witness any buying activity from Cathie Wood’s Ark Invest funds, there has been notable interest in Robinhood Markets stock following a recent selloff. ARK Next Generation Internet ETF purchased 93,297 HOOD shares on November 24, along with other Robinhood shares worth millions.

Hot Take: Ark Invest Sells GBTC Holdings but Continues to Buy Robinhood Shares

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Despite the significant rise in GBTC’s value, Cathie Wood’s Ark Invest has been reducing its holdings. This move suggests a change in investment strategy, with a lack of interest in COIN stocks and a focus on Robinhood shares instead. As the crypto market continues to recover, it will be interesting to see how these investment decisions play out in the long run.

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