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Breaking: Cathie Wood’s Ark Invest Offloads Coinbase, GBTC & Robinhood Shares

Cathie Wood’s Ark Invest funds adds Robinhood to sell list after offloading Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares.
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Breaking: 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.

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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

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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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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