Cathie Wood’s Ark Invest Continues Selling Coinbase Shares
Cathie Wood’s investment management firm, Ark Invest, has extended its selling spree of Coinbase (COIN) shares. On December 13, Ark Invest sold a total of 18,962 COIN shares worth nearly $2.8 million. The sale was divided among ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
The price of Coinbase (COIN) closed 3.73% lower at $147.90 on Friday, after hitting a new 52-week high of $150.65. Despite the selloff by Ark Invest, traders remain bullish and continue to buy the dips as the crypto market recovers.
Increased Selling of Grayscale Bitcoin Trust (GBTC)
Ark Next Generation Internet ETF (ARKW) has also been selling its holdings of Grayscale Bitcoin Trust (GBTC). On December 15, ARKW offloaded 12,000 GBTC shares worth $420,000. This comes as the spot Bitcoin ETF approval deadline approaches.
On December 13 and 11, ARKW sold additional GBTC shares worth $1.6 million and $13 million respectively. This marks the largest selloff of GBTC by Ark Invest.
Despite the selling pressure, the price of GBTC closed 2.29% lower at $34.10 on Friday, after reaching a new 52-week high of $36.23 earlier in the week.
Hot Take: Cathie Wood’s Ark Invest Continues to Sell Coinbase and GBTC Shares Amid Bullish Market Sentiment
Cathie Wood’s Ark Invest has been actively selling its holdings of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares. Despite the selloff, both COIN and GBTC have seen significant price increases, with COIN reaching a new 52-week high. This indicates that while Ark Invest is taking profits, traders in the crypto market remain optimistic and continue to buy the dips. The ongoing selling spree by Ark Invest raises questions about their outlook on these assets in the near future.
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