Cathie Wood’s ARK Invest Sells Coinbase and Grayscale Bitcoin Trust Shares
Cathie Wood’s investment firm, ARK Invest, has sold a significant number of shares in Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC). The sale of 237,572 COIN shares and 168,127 GBTC shares amounted to $33 million and $5.9 million respectively.
ARK Invest Capitalizes on Rising Bitcoin Price
On December 5th, ARK Invest made the decision to sell $33 million worth of Coinbase stock after its shares reached a 19-month high. This move is closely linked to the recent surge in the price of Bitcoin. Throughout the trading day, COIN shares reached a high of $147.86 but closed at $140.20, experiencing a slight decline.
Divestment from Coinbase and Grayscale Bitcoin Trust
In addition to selling COIN shares, ARK Invest also offloaded 168,127 GBTC shares valued at approximately $5.9 million. This follows previous divestments of Coinbase shares by ARK Invest on multiple occasions in early December.
ARK Invest’s Investment Strategy
ARK Invest is known for its strategy of accumulating crypto-related shares during market downturns and selling them during bullish trends. The recent sale aligns with a significant increase in the value of Bitcoin, which has surpassed $44,000 and is trading at around $43,664.
Hot Take: ARK Invest Reacts to Bitcoin Surge with Share Sale
Cathie Wood’s ARK Invest has capitalized on the rising price of Bitcoin by selling millions of dollars’ worth of Coinbase and Grayscale Bitcoin Trust shares. This strategic move aligns with ARK Invest’s investment strategy and highlights their ability to navigate the volatile crypto market. As Bitcoin continues to reach new heights, it will be interesting to see how ARK Invest adjusts its portfolio in response to market trends.
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