Ark Invest, Cathie Wood's investment management firm, sold shares of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) to lock in profits from the recent rally. At the same time, the firm bought shares of Robinhood (HOOD) in hopes of further gains.
Ark Invest traded 237,572 shares of Coinbase (COIN) worth $34 million and 168,127 shares of Grayscale Bitcoin Trust (GBTC) worth $6 million on Tuesday, December 5th.
According to details published on the CoinGape portal, ARK Innovation ETF (ARKK) sold 201,711 shares of Coinbase, ARK Next Generation Internet ETF (ARKW) sold 7,326 shares of COIN, and ARK Fintech Innovation ETF (ARKF) sold 28,525 shares of COIN.
It's worth noting that Coinbase stock hit a 19-month high after the world's largest cryptocurrency exchange, Binance, and its former CEO, Changpeng Zhao, pleaded guilty to money laundering and sanctions violations in the United States on November 21, 2023.
COIN's share price fell to $140.20 after hitting another high of $147.86. The price is up 16% for the week and 63% for the month.
Also, a day earlier, Cathie Wood's Ark Invest funds sold 10,218 shares of Coinbase (COIN) worth $1.4 million. This brings the total volume of COIN shares sold since the beginning of last month to 300,000 shares.
In addition, ARKW has sold more than 800,000 shares of GBTC since the beginning of October, as the negative spread shrank to 8%. Meanwhile, the price of GBTC has been up 330% since the beginning of the year.
Despite dumping COIN and GBTC shares, Cathie Wood has been buying Robinhood shares as recent events point to their imminent rise.
In late November, Robinhood announced plans to launch a stock trading app in the United Kingdom in early 2024 as part of its global expansion strategy.
Prior to that, the ARK Fintech Innovation ETF bought 9,586 shares of HOOD, and on Dec. 4, it bought an additional 14,702 shares of Robinhood amid a 15% week-over-week increase in the stock.
Also on Nov. 27, ARKF bought 252,421 shares of cryptocurrency banking app SoFi, bringing its total holdings to 1.6 million shares.
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