Buy $GGsBreaking: Cathie Wood’s Ark Invest Offloads Coinbase, GBTC & Robinhood Shares
Ark Invest CEO Cathie Wood remains bullish on Bitcoin and the crypto market, but her investment management firm Ark Invest continues to book profits on crypto exchange Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares as price hits 52-week high. Meanwhile, Ark Invest funds offloaded Robinhood for the first time in two months.
Cathie Wood’s Ark Invest Selling Coinbase (COIN) Shares
On December 8, Cathie Wood’s Ark Invest sold 335,860 Coinbase (COIN) shares worth $49 million, as per transactions seen by CoinGape.
ARK Innovation ETF (ARKK) sold 326,925 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 2,367 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 6,568 COIN stocks.
Coinbase (COIN) stock price closed 7.66% higher at $146.62 on Friday. Traders kept on buying the dips as price fell for two days consecutively after hitting another high of $147.86. The price has now rallied more than 336% this year. Recently, pro-XRP lawyer John Deaton asserted the COIN stock price has an upside potential above $150.
On Dec 6, Cathie Wood’s Ark Invest sold 180,422 Coinbase (COIN) shares worth $25 million. On Dec 5, Ark Invest sold 237,572 Coinbase (COIN) shares worth $34 million. The investment management firm has continued to offload COIN shares more frequently since October, which made people wonder if Cathie Wood is really bullish on Bitcoin.
Also Read: VanEck Updates Spot Bitcoin ETF Filing With “HODL” Ticker
GBTC and Robinhood Shares Selloff
Cathie Wood’s Ark Invest funds also offload their holdings in Grayscale Bitcoin Trust (GBTC). ARK Next Generation Internet ETF (ARKW) sold 185,754 GBTC shares in the last two selloffs. ARKW has dumped more than 800,000 GBTC shares since October.
On Dec 8, ARK Next Generation Internet ETF (ARKW) sold an additional 102,672 GBTC shares worth $3.6 million. The move comes as GBTC price hit another high of $36.23 on Friday, rising 4.73%.
Meanwhile, ARK Fintech Innovation ETF (ARKF) sold 37,151 Robinhood Markets (HOOD) shares, first time in the last 2 months. Ark Invest fund purchased HOOD shares continuously in anticipation of better performance.
HOOD price closed 2.18% higher at $11.73 on Friday. The price has rallied 24% this week and 48% in a month.
Also Read: Altcoin Market Rally: Polygon (MATIC) and Polkadot (DOT) Join the Party
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