Cathie Wood’s asset management firm Ark Invest sold more of Coinbase shares as COIN price jumped another 52-week high on Friday. Ark Invest funds have been on a selling spree for Coinbase and Grayscale Bitcoin Trust shares for many weeks now, offloading millions of COIN and GBTC shares. Meanwhile, Cathie Wood also increased Tesla holdings last week.
Cathie Wood’s Ark Invest sold a total of 343,261 Coinbase shares this week, continuing its spending spree.
On Dec 22, ARK Innovation ETF (ARKK) sold 79,460 Coinbase shares and ARK Next Generation Internet ETF (ARKW) offloaded 14,285 COIN shares.
The move comes as Coinbase (COIN) price hit another 52-week high of $178.80. COIN price closed 4.43% higher at $175.48 on Friday. The stock market rallied as the Fed looks to make three cuts next year. Moreover, crypto stocks’ prices are moving higher amid anticipation of a spot Bitcoin ETF approval in early January and bullish sentiment on the crypto market.
Cathie Wood’s Ark Invest sold a total of 80,118 Coinbase (COIN) shares worth over $13 million on Dec 21; 149,780 Coinbase (COIN) shares worth approx $25 million on Dec 20; and 34,261 Coinbase shares worth $5.5 million on Dec 19.
With prices continuing to move higher, Ark Invest will continue to book profits as part of its active fund management strategy.
In an X Space this week, Cathie Wood reaffirmed her bullish stance on Bitcoin and bitcoin mining. She talked about the economic and financial potential of Bitcoin, considering it as a new rules-based global monetary system after gold.
Elon Musk said “I don’t spend a lot of time thinking about cryptocurrency. Hardly any. Hardly any at all.” However, he looks at Bitcoin as database for resource allocation, more than money. Musk added that fiat currency is fine as long as it doesn’t deflate much and the government doesn’t abuse their privilege to create more money.
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