Ark Invest Sells Coinbase, GBTC Shares, Invests in Robinhood Stocks


Cathie Wood’s Ark Invest sold 42,613 shares of US-based crypto exchange Coinbase worth around $3.3 million on Monday, as Bitcoin closed in on $35,000. Additionally, ARK Next Generation Internet ETF and ARK Fintech Innovation ETF both offloaded 100,739 Grayscale Bitcoin Trust shares at a value of $2.5 million.

The positive bitcoin rally has been attributed to the recent court order in the Grayscale and SEC lawsuit, which ordered the SEC to scrap its rejection of the asset manager’s spot bitcoin ETF application. Many experts now believe a spot Bitcoin ETF approval is likely and Ark Invest is also awaiting its own approval.

Cathie Wood has previously expressed confidence in Grayscale Investments, a part of Barry Silbert’s Digital Currency Group, due to their dedication to cold storage, which safeguards the Bitcoin holdings. Wood has been highly bullish on Bitcoin’s price, predicting it will reach $1.48 million at the end of the decade.

ARK is the second largest institutional holder of Robinhood stock, with a 4.1% stake spread across four of its exchange traded-funds. On Monday, ARK Invest added 259,628 shares of Robinhood Markets Inc through ARKW, valued at $2.38 million.

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