The actions of Ark Invest, led by Cathie Wood, attract attention. In particular, Bitcoin (BTC) is selling amid a significant rise in prices. Ark Invest sold a significant number of shares of Coinbase Global Inc (COIN). So he made headlines on Monday with a surprising move. At the time of writing, the largest cryptocurrency was trading at $34,878.65, marking a 15.2 percent increase over the previous 24 hours. Here are the details…
While the Bitcoin price was high, there was a sale from the whale
Ark Invest divested 42,613 shares of Coinbase Global through its ARK Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF). The transaction was valued at $3.3 million, based on Coinbase’s closing price of $77.21 on Monday. The decision to part ways with Coinbase shares came as a surprise, especially considering recent developments in the crypto industry. Over a month ago, Coinbase CEO Brian Armstrong made a major announcement, endorsing the implementation of Bitcoin’s Lightning Network for faster and cheaper transactions. This move was applauded by Cathie Wood, who highlighted the importance of the Lightning Network as Bitcoin’s payment layer.
Wood also acknowledged Coinbase’s potential to provide faster and more affordable Bitcoin transactions to its large user base. Armstrong’s announcement came in response to a question from Jack Dorsey and underlined the importance of the Lightning Network in improving Bitcoin’s transaction capabilities. In addition to selling Coinbase shares, Ark Invest also made a notable move with Grayscale Bitcoin Trust (GBTC), selling 100,739 shares through the ARK Next Generation Internet ETF (ARKW). This transaction was valued at $2.5 million based on GBTC’s closing price of $24.70 on Monday.
Ark Invest constantly renews its portfolio
Cathie Wood has previously expressed confidence in Grayscale Investments as a key component of Barry Silbert’s Digital Currency Group. This trust stems from Grayscale’s commitment to cold storage, which ensures the security of Bitcoin assets. These recent transactions were part of Ark Invest’s dynamic investment strategy. In addition to the Coinbase and Grayscale sales, Ark Invest purchased 55,271 shares of Moderna Inc (MRNA) through the ARK Genomic Revolution ETF (ARKG).
On the other hand, Ark Invest decided to sell 10,396 NVIDIA Corp (NVDA) shares through ARKG. Finally, the investment firm made a notable acquisition by purchasing 259,628 shares of Robinhood Markets Inc (HOOD) through ARKW. Cathie Wood’s Ark Invest continues to be at the forefront of dynamic investment decisions in the crypto and technology sectors.
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