Cathie Wood’s Ark Invest continues its selling spree of shares of the largest US-based crypto exchange, Coinbase, amid the ongoing crypto rally.
Ark Invest Daily reported 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 dumped nearly $33 million in Coinbase shares 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 pic.twitter.com/bfl0E48ynL
— Ark Invest Daily (@ArkkDaily) December 7, 2023
ARK Invest still holds over 6 million Coinbase shares.
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 potential spot BTC ETF approval 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.
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