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Cathie Wood’s ARK Invest shakes up Wall Street again – Sells off $4.7M in Coinbase Stock

TL;DR

  • Cathie Wood’s investment firm ARK Invest has made its third sell of Coinbase (COIN) stock this week, dropping 37,377 shares worth over $4.7 million at Thursday’s closing price.
  • Along with sales on November 27 and 29, ARK has sold about $15 million in COIN shares this week through its Next Generation Internet ETF (ARKW).
  • The crypto exchange’s Nasdaq-listed shares hit $119.77 on Monday, its highest level since April 2022. They closed Thursday at $124.72, down 2.43% but at 19-month highs.

Cathie Wood’s investment management company, Ark Invest, sells more Coinbase (COIN) shares, bringing the total selloff of COIN shares this week to $15 million. Cathie Wood is still a big fan of Bitcoin and the crypto exchange Coinbase, and the recent sale is only part of the company’s overall investment strategy. The return on A-Invest funds improves as the market recovers.

ARK Invest’s latest move – Dumping Coinbase for millions

According to reports, Cathie Wood’s A-Invest fund ARK Next Generation Internet ETF (ARKF) sold 37,377 Coinbase shares worth nearly $5 million on November 29.

The decision comes as the COIN price reached a 52-week high of $131.42, a 180% increase amid the crypto market resurgence. Coinbase’s stock price increased by 65% in a month to a 52-week high. On Thursday, the COIN stock price fell 2.43% to $124.72.

This week, Cathie Wood’s market entity continued to sell Coinbase (COIN) shares. On November 27, the entity’s Fintech Innovation ETF arm sold 43,956 Coinbase shares worth $5 million and 37,377 COIN stocks on November 29. Cathie Wood’s Investment entity sold over 30,000 COIN shares last month and over 1.5 million shares in the three months ended September 30.

A-Invest frequently accumulates crypto-related shares during a downward trend and then sells them when the market turns bullish to bank some profits.

Before selling Coinbase, A-Invest sold roughly 550K Grayscale Bitcoin Trust (GBTC) shares amid rumors about approving a Bitcoin ETF.

Cathie Wood’s A-Invest funds outperformed the Nasdaq 100 in November as investors bet on the decrease in the US Fed rate. A-Invest Innovation ETF gained 31% in November while not selling its largest holding, Coinbase.

Bitcoin skyrockets – Best month yet

Cathie Wood is bullish on Bitcoin, considering the crypto market’s upsurge, the approaching Fed pivot, and Bitcoin’s halving. While she sells her Coinbase and Grayscale stocks, purchasing Robinhood Markets (HOOD) shares has been her most recent best chance as Robinhood extends to the UK.

Cathie Wood has also bet big on Bitcoin. According to CoiGecko, Bitcoin (BTC) is currently trading at $38,623.86 with a 24-hour trading volume of $22,195,633,829.25. This is a 1.90% increase in the last 24 hours and a 2.21% increase in the last 7 days. 

The surge above $38,000, which occurred hours after the closing, was Bitcoin’s first notable move in the second part of the week. On the other hand, macroeconomic data prints from the United States received less attention.

The Federal Reserve Chair, Jerome Powell, was scheduled to speak, which would be the last opportunity for external volatility to be triggered.

The crypto fear and greed index has remained range-bound between 70 and 74, indicating that individual and institutional investors are bullish. Now, it stands at 71.

According to Matrixport, Bitcoin’s bullish trajectory will reach $63,140 by April 2024. The firm anticipates a three-year bull market due to reasons such as historical tendencies, halving mining rewards, and favorable geopolitical and macroeconomic conditions.

Matrixport believes that Bitcoin will reach $125,000 by December 2024, following the halving of the currency. Institutional adoption will drive the next bull market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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