Cathie Wood’s Ark Invest Sells More Coinbase Shares
A total of 343,261 Coinbase shares were sold by Cathie Wood’s Ark Invest this week, as the firm continues to offload its holdings.
The ARK Innovation ETF (ARKK) sold 79,460 Coinbase shares on December 22, while the ARK Next Generation Internet ETF (ARKW) sold 14,285 COIN shares.
COIN Price Hits Another High
Coinbase’s price reached a new 52-week high of $178.80, closing at $175.48 on Friday. The stock market rallied due to the Federal Reserve’s plan for three rate cuts next year. Additionally, crypto stocks are rising in anticipation of a potential spot Bitcoin ETF approval in January and positive sentiment in the crypto market.
Continued Selling Strategy
In recent days, Cathie Wood’s Ark Invest has sold a significant number of Coinbase shares. On December 21, they sold 80,118 COIN shares worth over $13 million. On December 20, they offloaded 149,780 COIN shares worth approximately $25 million. On December 19, they sold 34,261 Coinbase shares worth $5.5 million.
This selling strategy allows Ark Invest to continue booking profits as part of its active fund management approach.
Bullish Stance on Bitcoin
In a recent discussion, Cathie Wood reiterated her optimistic view on Bitcoin and bitcoin mining. She highlighted the economic and financial potential of Bitcoin and considered it a new global monetary system based on rules.
Elon Musk’s Perspective on Cryptocurrency
Elon Musk stated that he doesn’t spend much time thinking about cryptocurrency, but he sees Bitcoin as a database for resource allocation rather than just money. Musk also expressed his view that fiat currency is acceptable as long as it doesn’t experience significant deflation and the government doesn’t misuse its power to create more money.
Hot Take: Cathie Wood’s Ark Invest Continues Selling Coinbase Shares Amidst Price Surge
Cathie Wood’s Ark Invest has been actively selling Coinbase shares as the stock price continues to rise. This selling spree aligns with Ark Invest’s strategy of booking profits. Meanwhile, the increasing interest in crypto stocks and anticipation of a Bitcoin ETF approval have contributed to the surge in Coinbase’s price. Cathie Wood remains optimistic about Bitcoin and its potential as a global monetary system. Elon Musk, on the other hand, sees Bitcoin more as a resource allocation database rather than a traditional form of money. Despite their differing perspectives, both Wood and Musk acknowledge the significance of cryptocurrencies in today’s financial landscape.
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