Cathie Wood’s Ark Invest Extends Coinbase And GBTC Selling Spree

Cathie Wood’s investment management firm Ark Invest extends Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares selling spree. Ark Invest funds continue profit booking COIN and GBTC shares as prices hit new 52-week highs amid bullish sentiment in the crypto market. The funds are now outperforming the Nasdaq 100 index.

Coinbase Shares Selloff By Cathie Wood’s Ark Invest Continues

On December 13, Cathie Wood’s Ark Invest sold a total of 18,962 Coinbase (COIN) shares worth nearly $2.8 million, as per transactions seen by CoinGape.

ARK Innovation ETF (ARKK) sold 12,142 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 2,278 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 4,542 COIN stocks.

Coinbase (COIN) price closed 3.73% lower at $147.90 on Friday. The price recently 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. Meanwhile, traders have remained bullish and kept on buying the dips amid the crypto market recovery.

While the Fed confirms dovish stance, Cathie Wood offloaded huge amount of shares this week. On Dec 13, Cathie Wood’s Ark Invest sold a total of 283,104 Coinbase (COIN) shares worth nearly $43 million.

A day before, 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.

Also Read: Solana Flips Ethereum DEX Volume As Saga Mobile Gets Sold Out & BONK Price Rally

GBTC Selloff Spree

On Dec 15, ARK Next Generation Internet ETF (ARKW) offloaded 12,000 Grayscale Bitcoin Trust shares worth $420,000. The selloff of GBTC holdings has increased as spot Bitcoin ETF approval deadline approaches.

On Dec 13, ARK Next Generation Internet ETF (ARKW) sold an additional 45,864 GBTC shares worth $1.6 million. Moreover, 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 also closed 2.29% lower at 34.10 on Friday. The price hit a new 52-week high of $36.23 this week, extending YTD rally to 334.02%.

Also Read: Ripple CTO & XRP Lawyer Red Flag SEC Gary Gensler ‘Crypto Asset Security’ Propaganda

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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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