Cathie Wood's Ark Invest Divests $15 Million Worth of Coinbase Shares as COIN Price Surges to 52-Week High

Cathie Wood’s Ark Invest Continues Selling Coinbase Shares

Recently, Cathie Wood’s investment firm Ark Invest sold a significant number of Coinbase shares. The ARK Next Generation Internet ETF (ARKF) offloaded 37,377 Coinbase shares worth around $5 million on November 29. This move comes as the price of COIN stock reached a 52-week high of $131.42, experiencing a remarkable rally of 180% during the crypto market recovery. However, the stock closed 2.43% lower at $124.72 on Thursday.

Ark Invest has been actively selling Coinbase shares throughout the week. On November 27, the Ark Fintech Innovation ETF (ARKF) sold 43,956 COIN shares worth $5 million, following another sale of more than 30,000 COIN shares last month and over 1.5 million shares in the previous quarter.

Prior to this, Ark Invest also sold more than 550K Grayscale Bitcoin Trust (GBTC) shares while speculation regarding spot Bitcoin ETF approval was underway.

Cathie Wood Remains Bullish on Bitcoin

Despite offloading Coinbase and Grayscale stocks, Cathie Wood continues to hold a bullish stance on Bitcoin. She sees potential in the ongoing crypto market recovery, upcoming changes in Federal Reserve policy, and the Bitcoin halving event. As part of her investment strategy, Wood has turned to buying Robinhood Markets (HOOD) shares, especially with Robinhood expanding its operations to the UK.

The Ark Fintech Innovation ETF (ARKF) recently purchased 221,759 HOOD shares on November 29. It is worth noting that Ark Invest funds have made multiple buys of Robinhood shares.

Hot Take: Cathie Wood’s Ark Invest Sells $15 Million Worth of Coinbase Shares Amid Bullish Bitcoin Stance

Cathie Wood’s Ark Invest continues to sell its holdings of Coinbase shares, amounting to a total selloff of $15 million this week. This move comes as the price of COIN stock reaches a 52-week high amidst the crypto market recovery. However, Wood remains bullish on Bitcoin and believes in the long-term potential of the cryptocurrency. While selling Coinbase shares, she has also been investing in Robinhood Markets (HOOD) shares, seeing potential in the company’s expansion. Despite offloading some assets, Ark Invest’s funds have shown positive returns during the market recovery.