VEEV - On The Day Bitcoin Crossed $44K Cathie Wood's Ark Sells Over $33M In Coinbase Shares And Nearly $5.6M In Grayscale Bitcoin Trust Shares | Benzinga
On Tuesday, Cathie Wood-led Ark Invest made a significant move in the cryptocurrency market, selling over $33 million worth of Coinbase Global Inc (NASDAQ:COIN) shares. This strategic decision comes as the cryptocurrency market experiences a surge, with Bitcoin (CRYPTO: BTC) crossing the $44,000 threshold.
The Coinbase Trade
Ark sold 237,572 Coinbase shares through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). The sale was estimated to be worth $33.3 million as shares closed 0.63% lower at $140.20 on Tuesday.
Ark Invest’s decision to offload a substantial portion of its Coinbase holdings aligns with the recent rally in the cryptocurrency market.
According to Benzinga’s coverage, this move reflects a broader strategy adjustment by Ark Invest in the crypto space. The sale of Coinbase shares, valued at more than $33 million, coincides with Bitcoin’s significant price increase, as reported in another Benzinga article.
This trade is particularly noteworthy given Ark’s historical advocacy for cryptocurrency and their previous portfolio ...