Cathie Wood's Ark Invest Sells $42M Worth Of Coinbase Shares Even As Bitcoin, Ethereum Soar

In a significant move on Tuesday, Cathie Wood-led Ark Invest executed a notable sale in the cryptocurrency sector, divesting over $42 million worth of Coinbase Global Inc COIN shares. This decision came amidst a volatile cryptocurrency market, where major currencies like Bitcoin BTC/USD and Ethereum ETH/USD were experiencing surges.

The COIN Trade

On Wednesday, Ark sold a total of 283,104 Coinbase shares through ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW. The transaction was valued at $42.6 million. Coinbase shares closed 7.76% higher at $150.46 for the day.

On Tuesday, Ark sold a substantial part of its Coinbase shareholdings as well. This move by Ark Invest is particularly noteworthy given the recent surge in Bitcoin and Ethereum, as detailed in a Benzinga report. The sale could be interpreted as a strategic realignment or a response to the market’s unpredictability.

See Also: Ark Invest’s Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M

The Grayscale Bitcoin Trust Trade

Ark sold 45,864 units of GBTC on Wednesday. The sale was made through ARKW and was valued at $1.6 million. GBTC closed 6.49% higher at $35.59 for the day.

Recently, Wood’s firm sold off a substantial amount of its holdings in the Grayscale Bitcoin Investment Trust (GBTC), as reported by Benzinga.

Other Key Trades:

• Ark Invest also bought 125,919 shares of Zoom Video Communications ZM through ARKK and 23,740 shares through ARKW, indicating a focus on technology and communication sectors.
• The firm showed continued interest in genomics by purchasing 15,443 shares of 10X Genomics Inc TXG through ARK Genomic Revolution ETF ARKG and 10,243 shares through ARKK.
• Another significant buy was in The Trade Desk Inc TTD, with 15,219 shares added to their portfolio through ARKK and 715 shares through ARKW.

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