Cathie Wood’s Ark Invest Sells $43M Coinbase & $1.6M GBTC Shares As Prices Hit New High

Cathie Wood’s investment management firm Ark Invest sells Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares again as COIN and GBTC prices hit new 52-week highs. Ark Invest funds have shifted their focus to artificial intelligence (AI) field from cryptocurrency recently as they keep on offloading their COIN and GBTC holdings.

Cathie Wood’s Ark Invest Sells Coinbase (COIN) Shares

On December 13, Cathie Wood’s Ark Invest sold a total of 283,104 Coinbase (COIN) shares worth nearly $43 million, as per transactions seen by CoinGape.

ARK Innovation ETF (ARKK) sold 239,237 Coinbase shares and ARK Next Generation Internet ETF (ARKW) offloaded 45,864 COIN shares.

Coinbase (COIN) price closed 7.76% higher at $150.46 on Wednesday. The price hit a new 52-week high of $150.65 after the U.S. Federal Reserve kept interest rate unchanged and hinted at rate cuts soon. Traders have remained bullish and kept on buying the dips amid the crypto market recovery.

On December 12, Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF) together sold 82,255 Coinbase shares worth $11.48 million. Moreover, Cathie Wood’s Ark Invest sold 13,634 Coinbase (COIN) shares worth nearly $2 million on December 11.

Ark Invest funds have been selling Coinbase shares worth millions as COIN stock price rallied more than 345% this year.

Also Read: Bitwise Spot Bitcoin ETF Listed On DTCC With ‘BITB’ As Ticker

GBTC Selloffs Continue

Cathie Wood’s Ark Invest funds further offloaded their holdings in Grayscale Bitcoin Trust (GBTC). On Dec 13, ARK Next Generation Internet ETF (ARKW) sold an additional 45,864 GBTC shares worth $1.6 million.

On Dec 11, ARK Next Generation Internet ETF (ARKW) sold an additional 395,945 GBTC shares worth $13 million. This is the largest selloff of GBTC by Ark Invest.

GBTC price closed 6.49% higher at $35.59 on Wednesday. The price hit a new 52-week high of $36.23, extending YTD rally to 334.02%.

Also Read: Former Credit Suisse Exec Revolutionizes Crypto Trading With BTC & ETH Spot Launch

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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