COIN

Generation

Grayscale Bitcoin Trust

Cathie Wood’s ARK Invest sold 237,572 Coinbase (COIN) shares for $33 million and 168,127 Grayscale Bitcoin Trust (GBTC) shares worth about $5.9 million. 
On Dec. 5, ARK Invest, led by Cathie Wood, sold $33 million in Coinbase (COIN) stock after the crypto exchange’s shares reached a 19-month peak in a move analysts connect to the recent uptick in Bitcoin (BTC) price. 
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 Cathie Wood and Ark Invest's trade activity from today 12/4 <a href="https://t.co/M560DWhaHn" target="_blank">pic.twitter.com/M560DWhaHn</a>— Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1731841926591029248?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 5, 2023</a>
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The sale involved a total of 237,572 COIN shares, distributed across three of ARK’s exchange-traded funds (ETFs): ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF). 
During the trading day, COIN shares reached a <a href="https://finance.yahoo.com/quote/COIN/" target="_blank" rel="noopener">high of $147.86</a> but eventually settled at $140.20, marking a slight decline of 0.63%. 
 You might also like: <a href="https://crypto.news/ark-invest-discloses-80-bps-fee-in-spot-bitcoin-etf-filing/"> ARK Invest discloses 80 bps fee in spot Bitcoin ETF filing </a> 
Additionally, ARK offloaded 168,127 shares from Grayscale’s Bitcoin Trust (GBTC), valued at approximately $5.9 million. On Tuesday, GBTC shares <a href="https://finance.yahoo.com/quote/GBTC/" target="_blank" rel="noopener">closed at $35.10</a>, their highest since December 2021. 
This recent sale also follows ARK’s previous divestments of Coinbase shares: 37,377 shares ($4.7 million) on Thursday and sales worth $5.3 million and $4.9 million on Dec. 3 and 4. 
ARK Invest is known for its strategy of accumulating crypto-related shares when prices are lower and selling them during bullish market trends. 
The investment manager’s portfolio adjustment coincides with a significant rise in Bitcoin’s value, which soared past $44,000 in the last 24 hours, reaching heights last observed before the Terra ecosystem downturn in May 2022. 
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 BTC 24-hour price chart | Source: CoinMarketCap
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The leading cryptocurrency has seen a remarkable increase of over 160% year-to-date and is currently trading at around $43,664, per CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">data</a>. 
 Read more: <a href="https://crypto.news/planb-forecasts-bitcoin-bull-run-eyes-100k-target-in-2023-2024-based-on-stock-to-flow-modelling/"> PlanB forecasts Bitcoin bull run, eyes $100K target in 2023-2024 based on stock-to-flow modelling </a>

ARK Invest sells $33m in Coinbase shares, $5.9m in GBTC

crypto.news

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