- Ark Invest’s Coinbase selling spree reached over 100 million dollars, as the company sold an additional 335,860 COIN (worth 49.2 million dollars) last week, according to the latest trading disclosure.
- Ark also sold more Grayscale Bitcoin Trust (GBTC -2.75%) shares, unloading 102,672 shares (worth 3.7 million dollars) on Friday before Bitcoin’s correction today.
- Bitcoin increased by approximately 1.6% last week and has seen a 165% increase since the beginning of the year. Bitcoin is currently trading around 42,400 dollars.
Cathie Wood’s investment management company unloaded massive amounts of Coinbase and Grayscale Bitcoin Trust shares last week!
ARK Sells a Significant Amount of Coinbase Shares
Ark Invest’s Coinbase selling marathon reached over 100 million dollars, according to the company’s latest trading disclosure, selling an additional 335,860 COIN (worth 49.2 million dollars) last week. Cathie Wood’s investment management company sold 6,578 Coinbase shares (worth 963,000 dollars) from the Fintech Innovation ETF, 2,367 shares (worth 347,000 dollars) from the Next Generation Internet ETF, and 326,925 shares (worth 47.9 million dollars) from the Innovation ETF.
Adding to the 24.3 million dollars’ worth of COIN sold on Wednesday, 33.3 million dollars’ worth sold on Tuesday, and 1.4 million dollars’ worth sold on Monday, Ark has unloaded a total of 108.2 million dollars’ worth of Coinbase shares from its funds when the stock reached its highest price since April 2022. Ark Invest had also sold 15 million dollars’ worth of Coinbase shares the previous week.
According to data, Coinbase shares traded at 146.62 dollars at the market close on Friday, showing an approximately 7.7% increase during the day and more than a 300% increase since the beginning of the year. However, the stock is still 57% lower than the all-time high of 342.98 dollars set during the peak of the last crypto bull market in November 2021. As of the latest data, Coinbase is currently valued at 27.3 billion dollars.
ARK Invest is also Unloading GBTC Shares
Ark sold more Grayscale Bitcoin Trust (GBTC -2.75%) shares, unloading 102,672 shares (worth 3.7 million dollars) on Friday before Bitcoin’s correction today. According to data, GBTC shares traded at 35.51 dollars at the market close on Friday, showing an approximately 5% increase during the day and a 332% increase since the beginning of the year.
According to data, GBTC’s daily trading volume reached 131 million dollars on Friday, significantly lower than its peak of 1.5 billion dollars in 2021. Ark’s Friday sales coincided with Bitcoin’s price rising above 44,000 dollars, leading to a correction of up to 10% on some exchanges.
Bitcoin increased by approximately 1.6% last week and has seen a 165% increase since the beginning of the year. Bitcoin is currently trading around 42,400 dollars. Today’s volatility contributed to over 94 million dollars in liquidation in Bitcoin positions across various exchanges, totaling 360 million dollars, with the majority (85 million dollars) coming from long positions, according to CoinGlass data.
