Cathie Wood’s ARK Invest sold 237,572 Coinbase (COIN) shares for $33 million and 168,127 Grayscale Bitcoin Trust (GBTC) shares worth about $5.9 million.
On Dec. 5, ARK Invest, led by Cathie Wood, sold $33 million in Coinbase (COIN) stock after the crypto exchange’s shares reached a 19-month peak in a move analysts connect to the recent uptick in Bitcoin (BTC) price.
The sale involved a total of 237,572 COIN shares, distributed across three of ARK’s exchange-traded funds (ETFs): ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF).
During the trading day, COIN shares reached a high of $147.86 but eventually settled at $140.20, marking a slight decline of 0.63%.
Additionally, ARK offloaded 168,127 shares from Grayscale’s Bitcoin Trust (GBTC), valued at approximately $5.9 million. On Tuesday, GBTC shares closed at $35.10, their highest since December 2021.
This recent sale also follows ARK’s previous divestments of Coinbase shares: 37,377 shares ($4.7 million) on Thursday and sales worth $5.3 million and $4.9 million on Dec. 3 and 4.
ARK Invest is known for its strategy of accumulating crypto-related shares when prices are lower and selling them during bullish market trends.
The investment manager’s portfolio adjustment coincides with a significant rise in Bitcoin’s value, which soared past $44,000 in the last 24 hours, reaching heights last observed before the Terra ecosystem downturn in May 2022.
The leading cryptocurrency has seen a remarkable increase of over 160% year-to-date and is currently trading at around $43,664, per CoinMarketCap data.
