Cathie Wood's Ark Invest Offloads Coinbase and Grayscale Bitcoin Trust, Buys Robinhood Stocks Amidst Crypto Surge
Cathie Wood-led Ark Invest offloaded 42,613 shares of US-based crypto exchange Coinbase through ARK Next Generation Internet ETF and ARK Fintech Innovation ETF as the price of Bitcoin closed in on $35,000 on Monday.
Coinbase’s shares that Ark Invest sold were valued at around $3.3 million with the closing price of $77.21 on Monday evening.
At the time of writing, Bitcoin is trading at just above $34,400, 12% up in the last 24 hours and 23% up in the last 7 days.
The recent surge in the price of Bitcoin is attributed to the recent court order in the Grayscale and SEC lawsuit. The judge ordered that SEC scrap its rejection of the asset manager's spot bitcoin ETF application.
Ark Invest is also waiting for its spot Bitcoin ETF approval from the SEC.
Earlier, Cathie Wood blamed Gary Gensler for obstructing proposed spot Bitcoin ETFs.
The likelihood of a spot Bitcoin ETF approval looks certain as per experts.
Amid the positive bitcoin rally, Cathie Wood’s Ark Invest sold 100,739 Grayscale Bitcoin Trust shares through ARK Next Generation Internet ETF. The transaction was valued at $2.5 million with the closing price of $24.70 on Monday evening.
Cathie Wood has previously expressed her trust in Grayscale Investments as a vital element within Barry Silbert's Digital Currency Group. Wood's confidence in Grayscale is founded on the trust's unwavering dedication to cold storage, a measure taken to safeguard its Bitcoin holdings.
Cathie Wood has generally been highly bullish on Bitcoin’s price. Ark Invest has predicted Bitcoin to reach $1.48 million at the end of the decade.
ARK is the second largest institutional holder of Robinhood stock, with a 4.1% stake spread across four of its exchange traded-funds.
ARK Invest added 259,628
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