Cathie Wood’s Ark Invest Sells $34M In Coinbase & $6M In GBTC Shares, Buys Robinhood
Cathie Wood’s investment management firm Ark Invest offloads additional holdings of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) as prices continue to hit higher as a result of the market-wide rally backed by BTC price surpassing $44,000. Meanwhile, Ark Invest buying Robinhood (HOOD) shares in anticipation of massive price upswing.
Cathie Wood’s Ark Invest Offloads Coinbase and GBTC Shares
On December 5, Cathie Wood’s Ark Invest sold 237,572 Coinbase (COIN) shares worth $34 million and offloaded 168,127 Grayscale Bitcoin Trust (GBTC) shares worth $6 million.
ARK Innovation ETF (ARKK) sold 201,711 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 7,326 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 28,525 COIN stocks.
Ark Invest funds offloading Coinbase holdings as the COIN price rallied 19-month high amid the early bull market recovery and rise in market share after Binance CEO CZ stepped down.
Coinbase (COIN) stock price closed 0.63% lower at 140.20 on Tuesday, after hitting another high of 147.86. The price rallied 16% in a week and 63% in a month.
On Dec 4, Cathie Wood’s Ark Invest funds sold 10,218 Coinbase (COIN) shares worth $1.4 million. The firm has sold ore than 300,000 COIN shares since last month.
In addition, ARK Next Generation Internet ETF (ARKW) offloaded 168,127 Grayscale Bitcoin Trust shares. ARKW has dumped more than 800,000 GBTC shares since October as the negative premium narrows to 8%.
GBTC price has soared 330% YTD, and closed 4.35% higher at $35.10 on Tuesday. It is trading slightly lower in pre-market hours.
Also Read: Coinbase Announcement Uplifts BTC, ETH, XRP, ADA, DOGE Rally, Here’s Why
Robinhood Shares As Favorite
Cathie Wood’s funds continue to buy Robinhood (HOOD) shares from the bottom, expecting a massive rally amid the bull market. Last week, Robinhood also announced expansion to the United Kingdom as part of the strategy and reported a massive rise in trading volumes on the platform.
ARK Fintech Innovation ETF (ARKF) buys 9,586 HOOD shares as price jumps par $10. ARK Fintech Innovation ETF (ARKF) also purchased 14,702 Robinhood shares on December 4 as price jumped 15% in a week.
HOOD price closed 10.26% higher at $10.53 on Tuesday. The price is trading 2.56% higher in the premarket hours on Wednesday.
Also Read: Bitcoin Ordinals And BRC-20 Will Cease To Exist, Says Bitcoin Core Dev Luke Dashjr
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