NewsletterCathie Wood Turns Bearish On Bitcoin Amid FOMC? Dumps Coinbase (COIN) Shares
Cathie Wood’s investment management firm Ark Invest sells Coinbase (COIN) shares for the first time after July last year. Ark Invest’s massive buying spree of Coinbase shares started in October as crypto bull Cathie Wood predicted Bitcoin to hit $1 million by 2030. The recent sale of Coinbase shares ahead of the U.S. Federal Reserve’s most crucial rate hike decision on Wednesday has raised questions in the industry.
On March 22, Cathie Wood’s Ark Invest sold 160,887 Coinbase stocks from its Ark Fintech Innovation ETF (ARKF), according to transactions seen by CoinGape. While the reasons remain unclear, the selling came as Coinbase (COIN) stock price jumped 11.78% to $83.99 on Tuesday.
Interestingly, the selling came from Ark Fintech Innovation ETF (ARKF) and not from the ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), which are massively accumulating Coinbase shares. However, investors will keep an eye on whether the other two funds also looking to reduce Coinbase holdings.
Cathie Wood’s Ark Invest funds ARKK and ARKW continued the buying spree in March, while ARKF last purchased Coinbase stock in January. Cathie Wood’s Ark Invest purchased 103,129 Coinbase stocks for its ARK Innovation ETF (ARKK) and 16,300 Coinbase stocks for ARK Next Generation Internet ETF (ARKW) on March 10. Notably, Cathie Wood purchased COIN shares as prices dipped below $60.
Meanwhile, Ark Invest has been buying other Bitcoin-related shares such as Block Inc. and Tesla. Moreover, Ark Invest has added Microsoft shares amid ChatGPT hype.
Has Cathie Wood Turned Bearish on Bitcoin?
Cathie Wood remains bullish on Bitcoin despite the Fed rate hike and banking sector woes. Cathie Wood reiterated her bullish stance on Bitcoin and Ethereum, saying both top cryptocurrencies are “on the right track.”
Recently, Cathie Wood also blasted regulators for blaming crypto for the banking crisis. She claimed that had nothing to do with the banks’ investment decisions, nor the Fed’s decision to increase interest rates 19-fold in less than a year.
Also Read: Bitcoin Price Set For $35,000 After US Fed ate Hike Decision: Bloomberg
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