Cathie Wood's ARK Invest Unloads $33M in Coinbase Stock and $5.9M in GBTC Amid Bitcoin's Resurgence
During the latest market surge in Bitcoin (BTC), Cathie Wood's ARK Invest made substantial sales, amounting to $33 million in Coinbase shares and $5.9 million in Grayscale Bitcoin Trust.
Across three different exchange-traded funds (ETFs) - ARKK, ARKW, and ARKF - a total of 237,572 COIN shares were sold by the investment management firm.
The sale of $33 million in Coinbase (COIN) stocks by Cathie Wood's ARK Invest occurred on Tuesday, coinciding with the remarkable rise in the crypto exchange's shares, which reached a 19-month high due to Bitcoin's recent surge in value.
These shares, totaling 237,572 COIN across three distinct ETFs, namely Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF), were part of this substantial sale.
Moreover, ARK Invest also offloaded 168,127 shares from Grayscale's Bitcoin Trust (GBTC), equivalent to approximately $5.9 million.
On Tuesday, GBTC shares concluded trading at $35.10, marking their highest value since December 2021.
ARK Invest has a strategy of acquiring cryptocurrency-related shares when their prices are relatively lower and then divesting them when there's a bullish trend.
The recent surge in Bitcoin, with a gain of over 5% in the last 24 hours, led to its value surpassing $44,000, marking its highest price point since April 2022.
