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Cathie Wood’s investment management firm ARK Invest has sold additional holdings of Grayscale’s GBTC, which has risen by 126% in the last few months and 280% this year. Meanwhile, ARK Invest funds continue to buy Robinhood Markets (HOOD) shares, with no sign of buying Coinbase (COIN) stocks amid a massive rally in the crypto market.
Cathie Wood’s Ark Invest Selling Grayscale BTC (GBTC) Shares
On November 24, Cathie Wood’s Ark Invest fund ARK Next Generation Internet ETF (ARKW) sold 94,624 GBTC shares worth almost $3 million, according to transactions seen by CoinGape Media.
The move comes amid the Grayscale Bitcoin Trust (GBTC) negative premium narrows to 8.07%. GBTC price jumped 2.50% on November 24, closing the week higher at $31.21. GBTC price has jumped 126% in the last few months and 280% this year after the court ordered the U.S. SEC to review Grayscale filing to convert its GBTC to spot Bitcoin ETF.
ARK Next Generation Internet ETF has sold more than 700,000 shares of GBTC since October 23, according to earlier reports by CoinGape Media. The Ark fund offloaded 36,168 shares on November 22. Grayscale Bitcoin Trust enables investors to gain exposure to Bitcoin in the form of security.
Meanwhile, Coinbase (COIN) shares saw no buying from Ark Invest funds despite COIN stock price rally amid the crypto market recovery and higher speculation over a spot Bitcoin ETF approval. COIN shares trade at $115.54, up 50% this month.
Also Read: BitMEX Founder Arthur Hayes Predicts Impending BTC Price Rally, Here’s Why
Robinhood Shares’s Buying
While other crypto stocks didn’t record any buying by Cathie Wood’s Ark Invest funds, Robinhood Markets stock grabbed the attention of the investment management firm after a recent selloff.
Ark Invest fund ARK Next Generation Internet ETF (ARKW) purchased 93,297 HOOD shares on November 24. Ark Invest funds also purchased Robinhood shares worth millions.
Also Read: CME Bitcoin Futures Turns Mega Bullish, Rally To $45,000 In Play?
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