Cathie Wood, founder and CEO of ARK Invest, sold tens of thousands of shares of the United States’ largest cryptocurrency exchange, Coinbase (COIN). What are the latest developments following the renowned CEO’s sales?
Cathie Wood’s Maneuvers!
According to the latest sales reported by Ark Invest, ARK sold 43,956 shares of Coinbase on Monday as COIN rose to $120. COIN traded at $128.27 at market close on Tuesday, its highest closing price since April 2022. While Wood sold Coinbase shares, the Ark Fintech Innovation ETF bought approximately $1.2 million worth of 143,063 additional shares, thus increasing its stake in trading platform Robinhood.
Robinhood (HOOD) was trading around $8.64 at Tuesday’s market close, up approximately 3%. Other significant ARK moves recently include the sale of 36,168 Grayscale Bitcoin Trust (GBTC) shares on November 22nd and the sale of 32,980 GBTC shares for over $2 million on November 21st.
“True Bull Market in Bitcoin!”
At the market close on Tuesday, GBTC was trading at $31.51, up over 4.60% for the day. Earlier this month, Cathie Wood stated that fundamental metrics confirm Bitcoin (BTC) is in a real bull market, noting:
The network’s health is as good as it can be. It seems like a bull market. Of course, we will have our puts and takes. Not everything goes smoothly. But I think there is a flight to quality. We call this a flight to safety.
In conclusion, Cathie Wood, CEO of ARK Invest, drew attention by selling tens of thousands of shares of leading US cryptocurrency exchange Coinbase. With the sales on Monday, ARK disposed of 43,956 Coinbase shares and the COIN share price rose to $120. Following this sale, the purchase of 143,063 shares by Ark Fintech Innovation ETF to bolster its assets in Robinhood was also notable. These developments, while prompting changes in Wood’s portfolio, have the market closely watching the impact of the Coinbase share sale.
- ARK Invest CEO sells Coinbase shares.
- Ark Fintech ETF increases Robinhood stake.
- Market watches effects of share sales.
