Ark Invest Sells Coinbase & GBTC Shares, Buys Robinhood

Cathie Wood's Ark Invest buys Robinhood (HOOD) shares while selling additional holdings of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC).

Ark Invest Sells Coinbase & GBTC Shares, Buys Robinhood

Cathie Wood’s investment management firm Ark Invest divests additional Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC)  holdings in response to the market-wide upswing and the BTC price exceeding $44,000.

Meanwhile, Ark Invest is buying Robinhood (HOOD) shares in anticipation of a substantial price increase.

Cathie Wood’s Ark Invest Divests its Holdings in Coinbase and GBTC

Cathie Wood’s Ark Invest sold 237,572 Coinbase (COIN) shares valued at $34 million and offloaded 168,127 Grayscale Bitcoin Trust (GBTC) shares valued at $6 million on December 5.

ARK Innovation ETF (ARKK) sold 201,711 Coinbase shares, ARK Next Generation Internet ETF (ARKW) offloaded 7,326 COIN shares, and ARK Fintech Innovation ETF (ARKF) sold 28,525 COIN stocks.

As the COIN price surged to a 19-month high amid the early bull market recovery and increase in market share after Binance CEO CZ’s resignation, Ark Invest funds divested their Coinbase holdings.

Tuesday’s close for Coinbase (COIN) stock was 140.20, down 0.63% from its all-time high of 147.86.

The price increased by 63% in a month and 16% in one week.

Cathie Wood’s Ark Invest funds sold 10,218 Coinbase (COIN) shares on December 4 for $1.4 million.

Since last month, the firm has sold over 300,000 COIN shares.

Furthermore, 168,127 shares of ARK Next Generation Internet ETF (ARKW) were divested.

Since October, ARKW has divested over 800,000 GBTC shares as the negative premium approaches 8%.

GBTC price has soared 330% YTD and closed 4.35% higher at $35.10 on Tuesday.

It is trading marginally lower in pre-market hours.

Robinhood Shares As Favorite

Amid the bull market, Cathie Wood’s funds continue to buy Robinhood (HOOD) shares at the lows in anticipation of a massive rally.

As part of the strategy, Robinhood also declared its expansion into the United Kingdom last week and reported a meteoric rise in trading volumes on the platform.

The ARK Fintech Innovation ETF (ARKF) buys 9,586 HOOD shares at a $10 price increase.

Additionally, on December 4, ARK Fintech Innovation ETF (ARKF) acquired 14,702 Robinhood shares as price jumped 15% in a week.

The price of HOOD increased 10.26% to $10.53 on Tuesday.

The price has increased by 2.56% during Wednesday’s pre-market hours.