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4.02%Cathie Wood’s ARK Sells Grayscale Bitcoin Trust Holdings, Coinbase for Second Day
Cathie Wood’s fund is continuing to sell crypto-related stocks as the market hits a high not seen since early 2022.
Updated Oct 25, 2023, 6:15 a.m. Published Oct 25, 2023, 6:05 a.m.
Cathie Wood’s investment fund ARK Invest offloaded around $1.8 million of the Grayscale Bitcoin Trust (GBTC) and $1.7 million shares of Coinbase (COIN) for the second straight day.
According to a disclosure, ARK Next Generation Internet ETF moved to sell 21,062 shares of COIN and 72,509 units of GBTC as the market closed on Tuesday.
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Bitcoin (BTC) is closing in on a 16-month high, with options data suggesting that the bull market still has considerable momentum.
Sentiment suggests that bitcoin’s rise is driven by the anticipation of a potential spot ETF approval. ARK Invest is capitalizing on the bullish sentiment by selling GBTC shares and adjusting its portfolio with Coinbase and Robinhood stocks. ARK loaded up on COIN and GBTC in the depths of 2022’s crypto winter
The firm sold about $3.3 million worth of crypto exchange Coinbase shares on Monday alongside 100,739 shares of GBTC.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
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