ARK Invest’s founder and CEO Cathie Wood sold tens of thousands of shares of America’s largest cryptocurrency exchange Coinbase (COIN). Following these sales, Coinbase shares rose to $120 on Monday and reached their highest closing price since April 2022 at $128.27 at the close of Tuesday.
While Wood was selling Coinbase shares, the Ark Fintech Innovation ETF purchased approximately $1.2 million worth of 143,063 additional shares to increase its stake in the trading platform Robinhood. Robinhood’s (HOOD) shares saw a roughly 3% increase at Tuesday’s market close, trading at $8.64.
Other significant moves by ARK include the sale of 36,168 shares of Grayscale Bitcoin Trust (GBTC) on November 22 and the sale of 32,980 GBTC shares worth over $2 million on November 21.
At the market close on Tuesday, GBTC traded at $31.51, an increase of more than 4.60%. Earlier this month, Cathie Wood noted that fundamental metrics confirmed Bitcoin was in a real bull market, stating that the network’s health was in the best possible condition and that there was a flight to quality.
In conclusion, ARK Invest CEO Cathie Wood’s sale of tens of thousands of Coinbase shares drew attention. With Monday’s sale, ARK disposed of 43,956 Coinbase shares, and the subsequent purchase of 143,063 shares in Robinhood by the Ark Fintech Innovation ETF was also noteworthy. These developments lead to changes in Wood’s portfolio, while the market closely monitors the impact of the Coinbase share sale.