Bitcoin Bull Cathie Wood’s Ark Invest Coinbase Shares Selloff
Cathie Wood’s asset management firm Ark Invest recently sold a significant number of Coinbase shares. On December 21, they sold a total of 80,118 COIN shares worth over $13 million. This includes 68,769 shares sold by ARK Innovation ETF and 11,349 shares sold by ARK Next Generation Internet ETF.
The sale coincided with Coinbase’s price hitting a new 52-week high of $17,017. The stock market also experienced a rally as the Federal Reserve plans to make three interest rate cuts next year. Additionally, there is growing anticipation for the approval of a spot Bitcoin ETF in early January.
This follows another significant sale by Ark Invest on December 20, where they sold 149,780 COIN shares worth approximately $25 million.
Cathie Wood and Elon Musk Discussion
Investors were eagerly awaiting the discussion between Cathie Wood and Elon Musk on various topics such as OpenAI, artificial intelligence (AI), Tesla, and Bitcoin.
Prior to their conversation on X Spaces, Ark Invest purchased Tesla shares for the first time in eight months. ARK Innovation ETF bought 93,965 TSLA shares, while ARK Next Generation Internet ETF purchased 17,422 TSLA shares.
Cathie Wood expressed her bullish stance on Bitcoin and bitcoin mining during the discussion. She emphasized the economic and financial potential of Bitcoin and referred to it as a new rules-based global monetary system after gold.
Elon Musk mentioned that he doesn’t think about cryptocurrency much but sees Bitcoin as a database for resource allocation rather than just money. He also stated that fiat currency is acceptable as long as it doesn’t deflate significantly and the government doesn’t abuse its power to create more money.
Hot Take: Cathie Wood Sells Coinbase Shares as Bitcoin Reaches New High
Cathie Wood’s Ark Invest continues to make moves in the crypto market, selling a substantial amount of Coinbase shares as the price of COIN reaches new highs. This selloff coincides with a positive outlook for crypto stocks and anticipation for a spot Bitcoin ETF approval. Additionally, Wood’s discussion with Elon Musk shed light on their perspectives on AI, Tesla, and Bitcoin. While Wood remains bullish on Bitcoin and its potential as a global monetary system, Musk sees it more as a resource allocation database. These conversations and actions reflect the dynamic nature of the crypto market and the different viewpoints held by influential figures in the industry.
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