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Cathie Wood's ARK Invest Sells $33M of Coinbase Shares, $5.9M of Grayscale Bitcoin Trust
The investment management firm sold a total of 237,572 COIN shares across three different exchange-traded funds: ARKK, ARKW and ARKF
Updated Mar 8, 2024, 6:17 p.m. Published Dec 6, 2023, 9:17 a.m.
Cathie Wood's ARK Invest sold $33 million worth of Coinbase (COIN) stock on Tuesday after the crypto exchange's shares touched a 19-month high on the back of bitcoin's [BTC] latest surge, based on the day's closing price.
ARK sold a total of 237,572 COIN shares across three different exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF).
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COIN shares rose to as high as $147.86 during the day before closing down 0.63% at $140.20.
ARK also sold 168,127 shares in digital asset investment manager Grayscale's Bitcoin Trust (GBTC), worth around $5.9 million. GBTC shares closed at $35.10 on Tuesday, their highest level since December 2021.
The investment manager frequently accumulates crypto-related shares at a comparatively low price and then offloads them when they show bullish momentum. Bitcoin gained over 5% in the last 24 hours to top $44,000 for the first time since April 2022.
Read More: Grayscale Setting Up for Bitcoin ETF Race by Hiring Industry Veteran From Invesco
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