Cathie Wood’s Ark Invest Offloads $11.5 Mln In COIN Shares As Bitcoin & Cryptos Slip

Ark Invest, an American investment management firm founded by Cathie Wood, took the market by storm as it sold colossal Coinbase shares on Tuesday. The prior stated sell-off amassed noteworthy attention within the broader crypto market as it came amid cryptocurrencies facing a downturn within the global market.

Notably, the sell-off also aligns with a broader market trend, following Coinbase’s co-founder ditching millions of Coinbase shares in recent days.

Furthermore, Ark Invest’s founder, Cathie Woods, a Bitcoin bull, appears to be offloading significant amounts of crypto-related shares from the firm. This comes in contrast to Cathie’s portrayal of bullish sentiments on Bitcoin.

Moreover, amid the downturn of cryptos globally, the Bitcoin price also dropped marginally, fueling speculations among crypto market enthusiasts.

A Closer Look Into The Sell-off By Ark Invest

According to reports, Ark Invest sold a whopping 82,255 Coinbase shares (COIN) worth $11.48 million on Tuesday, December 12. Furthermore, these shares were divested through the investment firm’s subsidiaries, Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).

Interestingly, Ark’s recent sell-off also comes as a bigger picture of the ongoing market trend, wherein the firm is divesting its crypto-related assets. As seen in Ark’s recent sale of Grayscale Bitcoin Trust shares, the firm seems to be illustrating a loss in trust orbiting cryptocurrencies.

Moreover, in light of the recent selling of Coinbase shares by Fred Ehrsam, Co-founder of Coinbase, Ark Invest appears to be mirroring the sell-off.

Earlier this month, Fred offloaded over $14 million worth of COIN shares, creating a torrent of speculative buzz within the market.

Meanwhile, as reported by CoinGape Media, Wood’s investment firm recently sold $2 million worth of COIN shares, adding up to its sell-off chronicle. Moreover, this comes amid the recent surge of COIN stock price, jumping 1.16%. While closing, the COIN stock price rested at $139.62 within the U.S. stock market.

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Bitcoin Price Drops

Amid the Bitcoin bull’s investment firm’s sell-off of crypto-related assets, the Bitcoin price also dropped marginally. As of writing, the Bitcoin price recorded a fall of 1.44%, evaluating $41,231. Moreover, this fall was accompanied by a weekly downswing of 6.42%.

In addition, the price drop witnessed by Bitcoin falls in line with the global crypto market downturn, recording a 2.20% fall in market cap.

Despite Cathie’s bullish stand on Bitcoin, her firm’s actions come in contrast, selling noteworthy crypto-related shares.

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