- Cathie Wood’s investment management firm, Ark Invest, is selling more Coinbase (COIN) shares, increasing the total sale of COIN shares to $15 million this week.
- This move comes after the COIN price reached a 52-week high of $131.42, showing a 180% increase with the recovery in the crypto market.
- Before selling Coinbase shares, Ark Invest sold more than 550,000 Grayscale Bitcoin Trust (GBTC) shares during the speculation about the approval of a spot Bitcoin ETF.
Bitcoin advocate Cathie Wood’s investment management firm, Ark Invest, has increased its sale of Coinbase (COIN) shares this week!
ARK Invest Increases Sale of Coinbase Shares
Bitcoin advocate Cathie Wood’s investment management firm, Ark Invest, is selling more Coinbase (COIN) shares, increasing the total sale of COIN shares to $15 million this week. Cathie Wood still maintains a bullish view on Bitcoin and the crypto exchange Coinbase, and the recent sales are just part of the investment strategy.
The returns of ARK Invest funds are improving with the market recovery. On November 29, Cathie Wood’s Ark Invest fund, ARK Next Generation Internet ETF (ARKF), sold almost $5 million worth of 37,377 Coinbase shares, as seen in transactions reported by COINOTAG.
This move comes after the COIN price reached a 52-week high of $131.42, showing a 180% increase with the recovery in the crypto market. The Coinbase share price recorded a 65% increase within a month, reaching a 52-week high. The COIN share price closed at $124.72 on Thursday, experiencing a 2.43% decrease.
Cathie Wood’s Ark Invest funds continue to sell Coinbase (COIN) shares this week. Ark Fintech Innovation ETF (ARKF) sold 43,956 Coinbase shares worth $5 million on November 27 and sold 37,377 COIN shares on November 29. Cathie Wood’s Ark Investment company sold more than 30,000 COIN shares last month and 1.5 million shares in the quarter ending on September 30.
Before selling Coinbase shares, Ark Invest sold more than 550,000 Grayscale Bitcoin Trust (GBTC) shares during the speculation about the approval of a spot Bitcoin ETF. Cathie Wood’s Ark Invest funds have been outperforming the Nasdaq 100 in November after investors bet on the U.S. Fed interest rate cuts. ARK Invest Innovation ETF (ARKK) gained 31% in November and did not sell its largest position, Coinbase.
Wood Maintains Bullish Expectations for Bitcoin
Cathie Wood still maintains a bullish view on Bitcoin amid the recovery in the crypto market, upcoming Fed changes, and Bitcoin’s halving event. While selling Coinbase and Grayscale shares, buying Robinhood Markets (HOOD) shares has become one of the best bets lately as Robinhood expands to the UK.
Ark Fintech Innovation ETF (ARKF) bought 221,759 HOOD shares on November 29. Ark Invest funds have made multiple purchases of Robinhood shares.
