Cathie Wood’s ARK Invest Continues to Sell Coinbase Shares
Cathie Wood’s investment management company, ARK Invest, has sold more shares of Coinbase for the third consecutive day, despite the crypto exchange’s stock price reaching a 19-month high. The sales were carried out through ARK Invest’s different ETFs, with a total value of $24.3 million. This includes sales from the Fintech Innovation ETF, Next Generation Internet ETF, and Innovation ETF.
Coinbase Stock Performance
Despite the selling pressure, Coinbase stock has performed well, with a 7% increase over the week, 55% over the month, and an impressive 269% increase year-to-date. The closing price yesterday was $134.63.
ARK Invest’s Reduction in Grayscale Bitcoin Trust Holdings
In addition to selling Coinbase shares, ARK Invest also reduced its holdings in the Grayscale Bitcoin Trust (GBTC). They sold 99,595 GBTC shares valued at nearly $3.5 million. This follows a previous sale of 168,127 GBTC shares worth about $5.9 million.
Bitcoin’s Recent Surge
The sale of GBTC shares coincides with a significant surge in the value of bitcoin. Over the past week, bitcoin has seen a 15% rise, with a 24% increase over the past month and a remarkable 160% growth year-to-date. Currently, bitcoin is trading around $43,164.
Hot Take: ARK Invest Continues to Adjust Its Crypto Portfolio
Despite Coinbase’s strong performance and bitcoin’s recent surge, ARK Invest has been actively adjusting its crypto portfolio by selling shares of Coinbase and reducing its holdings in GBTC. This suggests that ARK Invest may be reallocating its investments within the crypto sector. It will be interesting to see how these moves impact ARK Invest’s overall performance in the coming months.
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