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Cathie Wood's ARK Invest Sells $33M of Coinbase Shares, $5.9M of Grayscale Bitcoin Trust

The investment management firm sold a total of 237,572 COIN shares across three different exchange-traded funds: ARKK, ARKW and ARKF

By Jamie Crawley
AccessTimeIconDec 6, 2023 at 9:17 a.m. UTC
Updated Mar 8, 2024 at 6:17 p.m. UTC
Ark Invest CEO Cathie Wood
Ark Invest CEO Cathie Wood (Danny Nelson/CoinDesk)
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Cathie Wood's ARK Invest sold $33 million worth of Coinbase (COIN) stock on Tuesday after the crypto exchange's shares touched a 19-month high on the back of bitcoin's (BTC) latest surge, based on the day's closing price.

ARK sold a total of 237,572 COIN shares across three different exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF).

COIN shares rose to as high as $147.86 during the day before closing down 0.63% at $140.20.

ARK also sold 168,127 shares in digital asset investment manager Grayscale's Bitcoin Trust (GBTC), worth around $5.9 million. GBTC shares closed at $35.10 on Tuesday, their highest level since December 2021.

The investment manager frequently accumulates crypto-related shares at a comparatively low price and then offloads them when they show bullish momentum. Bitcoin gained over 5% in the last 24 hours to top $44,000 for the first time since April 2022.

Read More: Grayscale Setting Up for Bitcoin ETF Race by Hiring Industry Veteran From Invesco

Edited by Sheldon Reback.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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