Cathie Wood’s ARK Invest, nicknamed “the whale” for holding large amounts of Bitcoin, made its third significant sale of Coinbase (COIN) shares this week, strategically shedding 37,377 shares worth approximately $4.7 million at Thursday’s closing price. This move follows previous sell-offs on November 27 and November 29, resulting in the divestment of COIN shares totaling approximately $15 million from the Next Generation Internet ETF (ARKW). Here are the details…
Bitcoin whale is on a selling spree
ARK Invest’s latest filing reveals that the Cathie Wood-led investment management firm continued its selling spree on Thursday, shedding another $4.7 million worth of Coinbase shares. On Monday and Wednesday, ARK divested $10.2 million worth of COIN shares, bringing the week’s total to $15 million. This week’s sales add to previously announced transactions in which ARK sold 38,668 Coinbase shares worth $4.9 million from its Fintech Innovation ETF on Wednesday and 43,956 shares worth about $5.3 million from its Next Generation Internet fund on Monday.
Despite ARK Invest’s decision to reduce its Coinbase holdings, the crypto exchange’s Nasdaq-listed shares have had a volatile week. COIN shares fell 2.43% to $124.72 on Thursday, reaching $119.77 on Monday, the highest since April 2022, but still maintained a 19-month high. Coinbase’s stock is currently trading at $129.26 in pre-market trading, marking an impressive uptrend of over 70% in the past month and a notable 242% gain year to date. However, it is important to note that the stock remains more than 60% below its all-time high of $342.98, set during the peak of the 2021 crypto bull market.
ARK’s portfolio also includes Robinhood
In addition to the Coinbase sales, ARK Invest made strategic moves by purchasing over $3 million worth of Robinhood shares. This coincides with Robinhood’s international debut offering commission-free stock trading in the UK and the upcoming expansion of crypto trading services into the European Union. These developments come as Bitcoin continues its rise, reaching year-to-year highs. The cryptocurrency had a positive month, posting a 12% increase in November, following a notable 28% increase in October, with Bitcoin trading at $38,800. Year to date, Bitcoin is up an impressive 134%.
ARK Invest’s dynamic portfolio adjustments, including the recent reduction in Coinbase holdings and strategic investments in Robinhood, reflect its adaptive approach to navigating the cryptocurrency market’s evolving landscape. As Bitcoin continues to set new milestones, the interplay of institutional moves and market trends will undoubtedly shape the narrative in the coming weeks.
