- Ark Invest, the investment management company, continues to realize profits from shares of the crypto exchange Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC), as their prices reach 52-week highs.
- Recently, prominent attorney John Deaton, in favor of XRP, claimed that the COIN share price has the potential to rise above $150.
- The investment management firm has raised questions about whether Cathie Wood is genuinely optimistic about Bitcoin, as it has been selling COIN shares more frequently since October.
Cathie Wood’s company, ARK Invest, continued to sell Coinbase and GBTC shares on the last trading day of the week.
ARK Invest is Selling COIN and GBTC Shares
Cathie Wood, the CEO of Ark Invest, continues to maintain her optimism about Bitcoin and the crypto market. However, the investment management company, ARK Invest, is continuing to realize profits from shares of the crypto exchange Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) as their prices reach 52-week highs. Meanwhile, Ark Invest funds have sold Robinhood for the first time in two months.
According to the transactions observed by COINOTAG on December 8, Cathie Wood’s Ark Invest sold 335,860 Coinbase (COIN) shares worth $49 million. ARK Innovation ETF (ARKK) sold 326,925 Coinbase shares, ARK Next Generation Internet ETF (ARKW) sold 2,367 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 6,568 COIN shares.
The Coinbase (COIN) share price reached $146.62 with a 7.66% increase at the close on Friday. Traders continued to buy the dips when the price dropped after reaching $147.86, maintaining the volatility. The price has rallied over 336% this year. Recently, John Deaton, a well-known attorney in favor of XRP, claimed that the COIN share price has the potential to rise above $150.
On December 6, Ark Invest sold 180,422 Coinbase (COIN) shares worth $25 million. On December 5, Ark Invest sold 237,572 Coinbase (COIN) shares worth $34 million. The fact that Ark Invest has been selling COIN shares more frequently since October has raised questions about whether Cathie Wood is genuinely optimistic about Bitcoin.
Selling GBTC and Robinhood Shares
Cathie Wood’s Ark Invest funds have also divested their holdings in Grayscale Bitcoin Trust (GBTC). ARK Next Generation Internet ETF (ARKW) sold 185,754 GBTC shares in the last two sales. ARKW has sold over 800,000 GBTC shares since October.
On December 8, ARK Next Generation Internet ETF (ARKW) sold an additional 102,672 GBTC shares worth $3.6 million. This move came after the GBTC price reached another peak of $36.23 on Friday, increasing by 4.73%.
Meanwhile, ARK Fintech Innovation ETF (ARKF) sold 37,151 Robinhood Markets (HOOD) shares in its first sale in the last two months. The Ark Invest fund had been consistently buying HOOD shares with better performance expectations. The HOOD price reached $11.73 with a 2.18% increase at the close on Friday. The price has increased by 24% this week and 48% in the last month.
