ARK Invest Sells Coinbase and GBTC Shares
ARK Invest, led by Cathie Wood, has recently sold shares of Coinbase and the Grayscale Bitcoin Trust (GBTC) for a total of $5.8 million.
The transactions were made through various funds operated by the company.
The ARK Next Generation Internet ETF sold 100,739 GBTC shares at a price of $24.71 and 32,158 COIN shares at $77.21, while the ARK Fintech Innovation ETF sold 10,455 COIN shares at $77.21.
This move is likely a result of the recent surge in cryptocurrency prices, with Bitcoin reaching $35,000 on October 24 and other top assets also showing strong gains.
Coinbase’s premarket trading on October 25 shows a value of $83.85, a 8.6% increase from the previous day’s closing.
This is not the first time that ARK Invest has sold off shares of Coinbase, as they also did so in July for $53 million.
