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 adjustments as detailed in Benzinga’s reports.
The Grayscale Bitcoin Trust Trade
Ark’s strategy also included a significant sale of Grayscale Bitcoin Trust (GBTC) shares, aligning with Cathie Wood‘s previous statements about the potential impact of Bitcoin ETF approvals on Grayscale’s market position, as discussed in Benzinga’s analysis.
Ark sold Grayscale Bitcoin Trust shares worth $5.9 million through ARKW. On Tuesday, GBTC shares ended the day 4.35% higher at $35.10.
See Also: Cathie Wood’s Ark Invest Says Tesla’s Cybertruck A Marketing Machine, Foresees Potential
Other Key Trades:
Ark Invest increased its stake in SoFi Technologies Inc (NASDAQ:SOFI), buying 179,841 shares, reflecting a growing interest in fintech solutions through ARKF.
The firm also bought 38,375 and 67,262 shares of Toast Inc (NYSE:TOST), indicating a focus on expanding its portfolio in the digital payments sector via ARKW and ARKF respectively.
Significant investments were made in the healthcare sector, with purchases of Veeva Systems Inc (NYSE:VEEV) and Teladoc Inc (NYSE:TDOC) shares through ARK Genomic Revolution ETF (BATS:ARKG).
Ark’s interest in the tech sector was further evidenced by…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
