Amid A Crypto Rally, Cathie Wood's Ark Invest Sells Coinbase, Grayscale Bitcoin Trust, Buys Robinhood Shares

Benzinga · 10/24/2023 02:43

On Monday, Cathie Wood-led Ark Invest made a notable move by selling shares of Coinbase Global Inc (NASDAQ:COIN) amid a surge in Bitcoin (CRYPTO: BTC) prices. At the time of writing, the apex cryptocurrency was seen trading at $34,878.65, it had spiked 15.2% over 24 hours.

The COIN Trade: Ark Invest sold 42,613 shares of Coinbase Global through ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $3.3 million, based on Coinbase’s closing price of $77.21 on Monday.

More than a month ago, Coinbase’s CEO Brian Armstrong confirmed the implementation of Bitcoin’s Lightning Network for faster and cheaper transactions. Cathie Wood applauded this move, highlighting the significance of Lightning as Bitcoin’s payment layer and its potential to offer Coinbase’s vast user base quicker and more affordable Bitcoin transactions. Armstrong’s announcement was a response to a query from Jack Dorsey, emphasizing the importance of the Lightning Network in enhancing Bitcoin’s transaction capabilities.

See Also: Is Cathie Wood The Next Warren Buffett? Apple, Tesla Define Their Investment Strategies

Furthermore, Ark Invest also made a move with the Grayscale Bitcoin Trust (OTC:GBTC) by selling 100,739 shares through ARKW. The transaction was valued at $2.5 million, based on GBTC closing price of $24.70 on Monday.

Cathie Wood has previously expressed her belief in Grayscale Investments as a significant component of Barry Silbert’s Digital Currency Group. Wood’s confidence in Grayscale stems from the trust’s commitment to cold storage, ensuring the security of its Bitcoin assets.

Other Key Trades:

  • Ark Invest purchased 55,271 shares of Moderna Inc (NASDAQ:MRNA) through ARK Genomic Revolution ETF (BATS:ARKG).
  • Ark Invest sold 10,396 shares of NVIDIA Corp (NASDAQ:NVDA) through ARKG.
  • Ark Invest bought 259,628 shares of Robinhood Markets Inc (NASDAQ:HOOD) through ARKW.

Read Next: Exclusive: Ark Invest Was There With Nvidia At $5, Cathie Wood Tells Benzinga

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