Cathie Wood’s Ark Invest Continues to Sell Coinbase and GBTC Shares
Cathie Wood’s investment firm, Ark Invest, has been profit booking in Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares as prices continue to rise due to the overall market rally driven by the increase in BTC price above $44,000.
Despite this, Cathie Wood maintains her bullish stance on BTC price, especially with speculation of a spot Bitcoin ETF approval by the U.S. SEC. BTC price is currently trading at $44,006, up 1% in the past 24 hours and 16% in a week.
Coinbase Shares Sold by Ark Invest
On December 6, Ark Invest sold a total of 180,422 Coinbase shares worth $25 million. The selling was done across different ARK ETFs: ARK Innovation ETF (ARKK) sold 162,579 COIN shares, ARK Next Generation Internet ETF (ARKW) offloaded 5,369 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 12,474 COIN stocks.
Coinbase stock price closed 3.97% lower at $134.63 on Wednesday after reaching a high of $147.86. Despite the recent decline, the price has experienced a significant rally of over 300% this year.
In addition to the recent sales, Ark Invest also sold 237,572 Coinbase shares worth $34 million on December 5 and 10,218 Coinbase shares worth $1.4 million on December 4.
Grayscale Bitcoin Trust Shares Dumped by Ark Invest
Ark Invest has also been selling its holdings in Grayscale Bitcoin Trust (GBTC). ARK Next Generation Internet ETF (ARKW) sold 99,595 GBTC shares worth $3.5 million. This move has led some to speculate that Ark Invest is strategically positioning itself in the race for a spot Bitcoin ETF against Grayscale.
On December 5, ARK Next Generation Internet ETF (ARKW) offloaded an additional 168,127 Grayscale Bitcoin Trust shares. Since October, ARKW has sold over 800,000 GBTC shares.
The price of GBTC has seen a staggering 330% increase year-to-date and closed 0.51% lower at $34.92 on Wednesday. It is expected to open slightly lower in pre-market hours on Thursday.
Hot Take: Cathie Wood Continues to Adjust Her Crypto Holdings
Cathie Wood’s Ark Invest continues to make adjustments to its cryptocurrency holdings by selling Coinbase and Grayscale Bitcoin Trust shares. Despite the profit booking, Wood remains optimistic about the future of BTC price, especially with the potential approval of a spot Bitcoin ETF by the U.S. SEC.
The recent sales of Coinbase shares by Ark Invest have contributed to a decline in the stock price after reaching new highs. On the other hand, Ark Invest’s dumping of Grayscale Bitcoin Trust shares suggests a strategic move in the race for a spot Bitcoin ETF.
As crypto investors closely watch Ark Invest’s moves, it remains to be seen how these adjustments will impact the overall market and whether other institutional investors will follow suit or take a different approach.
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