Wednesday

COIN

Grayscale Bitcoin Trust

Daily

Source: Ark Invest 
Cathie Wood’s Ark Invest continues its selling spree of shares of the largest US-based crypto exchange, Coinbase, amid the ongoing crypto rally.
<a href="https://twitter.com/ArkkDaily/status/1732601384292245545" rel="noopener noreferrer nofollow">Ark Invest Daily reported</a> that the fund management firm offloaded $24.2 million worth of Coinbase shares and $3.4 million worth of shares of the Grayscale Bitcoin Trust on Wednesday.
A day before, Ark Invest had <a href="https://cryptonews.com/news/cathie-woods-ark-capitalizes-on-bitcoin-rally.htm" rel="noopener noreferrer nofollow">dumped nearly $33 million in Coinbase shares</a> and $5.9 million of Grayscale Bitcoin Trust.
Ark sold Coinbase shares on Wednesday through different exchange-traded funds. The fund management offloaded 120,433 Coinbase shares across three different ETFs: Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).
Cathie Wood and Ark Invest's trade activity from today 12/6 <a href="https://t.co/bfl0E48ynL" rel="noopener noreferrer nofollow">pic.twitter.com/bfl0E48ynL</a>
— Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1732601384292245545?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 7, 2023</a>
<h2 id="ark-invest-still-holds-over-6-million-coinbase-shares">ARK Invest still holds over 6 million Coinbase shares.</h2>
 Bitcoin proponent Cathie Wood-led Ark Invest still holds 6,847,644 shares of Coinbase, with a market value of over $960 million. Coinbase shares amount to 11.64% of all ARKK holdings at the moment.
Coinbase shares are up nearly 7% in the last five days. The closing price of COIN on Wednesday was $140.20, with a 4% decrease in pre-market trading.
The price of the leading cryptocurrency, Bitcoin, has surged significantly since last weekend as it breached pre-Terra crash prices. At the time of writing, Bitcoin is trading just below $44,000, up nearly 16% in the last seven days.
The price of Bitcoin is surging based on several factors, including <a href="https://cryptonews.com/news/analysts-set-new-potential-window-for-spot-bitcoin-etf-approval.htm" rel="noopener noreferrer nofollow">potential spot BTC ETF approval</a> in the US and anticipation around the Federal Reserve lowering interest rates in the coming months.
As reported earlier, Ark offloaded 43,956 Coinbase shares valued at $5.3 million on November 28, coinciding with Coinbase’s impressive 55% surge in share price throughout November.

Cathie Wood’s Ark Invest Continues to Dump Coinbase and GBTC Shares

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