Cathie Wood's Ark Invest Offloads $25M Of Coinbase & $3.5M Of GBTC Shares

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Cathie Wood’s Ark Invest Offloads $25M Of Coinbase & $3.5M Of GBTC Shares – Crypto News

Published

3 years ago

December 7, 2023

Dripp

Cathie Wood’s investment management firm Ark Invest continues profit booking in Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares as prices continue to hit higher as a result of the market-wide rally backed by BTC price surpassing $44,000.

Bitcoin bull Cathie Wood reaffirms her bullish stance for BTC price amid speculation of spot Bitcoin ETF approval by the U.S. SEC. BTC price currently trading at $44,006, up 1% in the past 24 hours and 16% in a week.

Cathie Wood’s Ark Invest Sells More Coinbase Shares

On December 6, Cathie Wood’s Ark Invest sold 180,422 Coinbase (COIN) shares worth $25 million, as per transactions seen by CoinGape.

ARK Innovation ETF (ARKK) sold 162,579 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 5,369 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 12,474 COIN stocks.

Coinbase (COIN) stock price closed 3.97% lower at $134.63 on Wednesday. The price fell for two days consecutively after hitting another high of $147.86. The price rallied more than 300% this year.

On Dec 5, Ark Invest sold 237,572 Coinbase (COIN) shares worth $34 million and offloaded 168,127 Grayscale Bitcoin Trust (GBTC) shares worth $6 million. In addition, Ark funds sold 10,218 Coinbase (COIN) shares worth $1.4 million on Dec 4.

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Cathie Wood Dumps Grayscale Bitcoin Trust Shares

Cathie Wood’s Ark Invest offloaded additional holdings in Grayscale Bitcoin Trust (GBTC). ARK Next Generation Internet ETF (ARKW) sold 99,595 GBTC shares worth $3.5 million. Some believe it is a strategy as Ark Invest is also in a race with Grayscale for a spot Bitcoin ETF.

On Dec 5, ARK Next Generation Internet ETF (ARKW) offloaded 168,127 Grayscale Bitcoin Trust shares. ARKW has dumped more than 800,000 GBTC shares since October.

GBTC price has soared 330% YTD, and closed 0.51% lower at $34.92 on Wednesday. It may open slightly lower in pre-market hours on Thursday.

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