Cathie Wood’s ARK Invest made a significant move in the market landscape on Tuesday by divesting a substantial $33 million worth of Coinbase (COIN) stock. This action came as the crypto exchange’s shares surged to a 19-month high, riding on the coattails of Bitcoin’s latest surge in value. This strategic decision was predicated on the day’s closing price.
ARK executed this transaction across three diverse exchange-traded funds (ETFs)—specifically, Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF)—selling a combined total of 237,572 COIN shares. Although COIN shares reached a zenith of $147.86 during the trading day, they ultimately concluded at $140.20, marking a 0.63% decrease. In addition to this move, ARK also liquidated 168,127 shares in Grayscale’s Bitcoin Trust (GBTC), which translated to approximately $5.9 million. Notably, GBTC shares capped the day at $35.10, exhibiting their highest value since December 2021.
ARK’s investment strategy often involves acquiring crypto-related shares during opportune market moments and strategically offloading them when they exhibit bullish momentum. This recent maneuver coincides with Bitcoin’s notable surge, climbing over 5% in the past 24 hours and surpassing the $44,000 threshold for the first time since April 2022. ARK’s calculated sell-off aligns with its adeptness at navigating market fluctuations and leveraging strategic exits during upward trajectories.
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