Source: Adobe Stock
Cathie Wood’s Ark Invest is capitalizing on the recent surge as it offloaded millions of Coinbase and Grayscale Bitcoin Tryst shares when the leading crypto surpassed the $44,000 threshold.
On Tuesday, the investment firm led by Wood sold over $33 million worth of Coinbase Global Inc shares, aligning with the prevailing market dynamics.
This strategic decision follows a tactical shift a day prior when Ark Invest offloaded $1.4 million worth of Coinbase shares while simultaneously increasing exposure to Robinhood.
Cathie Wood is highly bullish on Bitocin’s future. She has predicted bitcoin
Cathie Wood and Ark Invest’s trade activity from today 12/5 pic.twitter.com/4htJfAb0LA
— Ark Invest Daily (@ArkkDaily) December 6, 2023
Ark Invest Continues to Offload Coinbase Shares
Ark Invest’s sale of 237,572 Coinbase shares across multiple ETFs, including ARKK, ARKW, and ARKF, amounted to an estimated $33.3 million. Despite a 0.63% lower closing price at $140.20 on Tuesday, this move is in line with Ark’s broader strategy adjustment amid the ongoing cryptocurrency market rally.
The sale of a substantial portion of Coinbase holdings is consistent with Ark Invest’s historical advocacy for cryptocurrency and reflects the firm’s adaptability to market conditions. The decision to divest Coinbase shares, valued at over $33 million, coincides strategically with the considerable increase in Bitcoin’s price.
In addition to the Coinbase trade, Ark Invest executed a significant sale of Grayscale Bitcoin Trust (GBTC) shares worth $5.9 million through ARKW. This move aligns with Cathie Wood’s previous insights on the potential impact of Bitcoin ETF approvals on Grayscale’s market position. On Tuesday, GBTC shares closed 4.35% higher at $35.10.
This marks another chapter in Ark Invest’s ongoing adjustments, showcasing their ability to navigate the evolving crypto landscape dynamically.
It’s not the first time the firm has trimmed Coinbase holdings; on November 28, Ark offloaded 43,956 Coinbase shares valued at $5.3 million, coinciding with Coinbase’s impressive 55% surge in share price throughout November.
The post Cathie Wood’s Ark Capitalizes on Bitcoin Rally, Sells Millions in Coinbase and GBTC Shares appeared first on Cryptonews.