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HomeBitcoinCathie Wood's Ark Invest Sells Coinbase, GBTC, SQ Shares, Adds Ark 21Shares...

Cathie Wood’s Ark Invest Sells Coinbase, GBTC, SQ Shares, Adds Ark 21Shares & BITO Bitcoin ETFs

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Cathie Wood’s asset management firm Ark Invest liquidated huge holdings in 16 shares including AMD, Cloudflare, Shopify, Stratasys, and crypto-related companies Coinbase and Jack Dorsey’s Block Inc, as well as Grayscale Bitcoin Trust (GBTC). Interestingly, Cathie Wood has decided to pour money into ProShares Bitcoin Strategy ETF and ARK 21Shares Active Bitcoin Futures Strategy ETF.

Cathie Wood’s Ark Invest Sells Coinbase, GBTC And Block Inc Shares

On Dec 27, ARK Next Generation Internet ETF (ARKW) sold a total of 148,885 Coinbase (COIN) shares worth over $27.5 million, 2.25 million Grayscale Bitcoin Trust (GBTC) shares worth $81 million, and 231,102 Block Inc (SQ) shares worth $18 million, as per trades seen by CoinGape.

Cathie Wood has been on a selling spree for Coinbase and Grayscale Bitcoin Trust shares due to rising COIN and GBTC stock prices amid the crypto market rally and a likely spot Bitcoin ETF on January 10.

CoinGape reported that ARKW has sold all the remaining stocks of Grayscale Bitcoin Trust (GBTC), which was the top holding of the ETF in recent months.

Coinbase (COIN) price hit another 52-week high of $186.97 on Wednesday. COIN price closed 7.67% higher at $185.24 and jumped higher in pre-market hours today. Coinbase stock has rallied over 450% year-to-date, with a 45% uptick in December.

Meanwhile, GBTC price closed 1.68% higher at $36.25 and Block Inc (SQ) price closed at $79.60, up 1.82%.

Also Read: Dogecoin Whale Moved 230 Mln DOGE Tokens To Robinhood, Has DOGE Price Topped?

Cathie Wood Buys Ark 21Shares Bitcoin ETF and ProShares Bitcoin ETF

ARK Next Generation Internet ETF (ARKW) purchased 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA). The move raised eyebrows as the market expects an approval of Ark 21 Shares Spot Bitcoin ETF (ARKB) in early January.

ARKW also bought 4.32 million shares of ProShares Bitcoin Strategy ETF (BITO). Bloomberg Intelligence analyst Eric Balchunas said the move is probably a “temporary parking spot.” Ark Invest and institutions use highly liquidity ETFs for transitions similarly.

Cathie Wood’s Ark Invest funds also sold massive holdings in AMD, Cloudflare, Shopify, Stratasys, Adyen, Veracyte, PagerDuty, Palantir Technologies, CrowdStrike, Teladoc, Twilio, Unity Software, Roblox, and UiPath.

Also Read: Binance Founder Changpeng ‘CZ’ Zhao Seeks Order Related To Travel Permission

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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.

Cathie Wood’s Ark Invest Sells Coinbase, GBTC, SQ Shares, Adds Ark 21Shares & BITO Bitcoin ETFs svg xml  3Csvg 20xmlns

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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