Ark Invest Continues Its Coinbase Selling Spree: GBTC and Robinhood To Join the Spree

Cathie Wood, CEO of Ark Invest, has reportedly sold shares of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) as the prices of these shares hit a 52-week high. Ark Invest also unloaded Robinhood shares simultaneously for the first time in two months. InnovatekMobile, a crypto analyst, tweeted on X about the offloading of various shares by Ark Invest.

Ark Invest sold 335,860 Coinbase shares worth $49 million this Friday. Of the Coinbase shares sold, ARK Innovation ETF (ARKK) unloaded 326,925 shares, and ARK Next Generation Internet ETF (ARKW) sold 2,367 COIN shares. Lastly, ARK Fintech Innovation ETF (ARKF) unloaded 6,568 COIN shares.

Coinbase went on a dip for two consecutive days after reaching a height of $147.86 and closed at a price of $146.62 on Friday, which was 7.66% higher than the previous day. Recently, crypto lawyer John E Deaton recommended buying Coinbase shares as the shares have the potential to go above $150.

Ark Invest sold 180,422 shares of Coinbase worth $25 million on December 6. Furthermore, they also offloaded 237,572 COIN shares worth $34 million on December 5. Cathie Wood’s move to frequently sell Coinbase shares since October has made enthusiasts wonder if she is bullish on Bitcoin.  

Cathie Wood investment firm also offloaded their holding of Grayscale Bitcoin Trust (GBTC) shares of 185,754 in the last two selloffs from ARKW. ARKW also unloaded GBTC shares of $102,672 worth $3.6 million this Friday when the price of GTBC increased by 4.73%, hitting a high of $36.23. Since October, ARKW has sold more than 800,000 GTBC shares.

ARKF has been continuously purchasing Robinhood (HOOD) market shares for the last two months in expectation of better performance. On December 8, HOOD prices closed at 2.18% higher, reaching $11.73. At this time, ARKF sold 37,151 HOOD shares, the price of HOOD has risen 24% this week and 28% this month.