- Cathie Wood’s Ark Invest sold shares of Coinbase and Grayscale Bitcoin Trust amid a Bitcoin price surge, making notable moves in the crypto market.
- Cathie Wood applauded Coinbase’s implementation of Bitcoin’s Lightning Network for faster and cheaper transactions, emphasizing its significance as a payment layer.
- Ark Invest also acquired shares of Robinhood Markets Inc. Showing a shift in investment focus toward the popular trading platform amidst other trades involving Moderna and NVIDIA shares.
In a thriving crypto market, Cathie Wood’s Ark Invest made strategic financial moves that turned heads. They opted to sell off shares of Coinbase Global Inc (NASDAQ: COIN) amidst a surging Bitcoin (CRYPTO: BTC) price. At the time of this event, Bitcoin was trading at a brisk $34,878.65. Reflecting a remarkable 15.2% surge within 24 hours.
Repositioning in COIN Shares
Ark Invest executed the sale of 42,613 shares of Coinbase Global. Deploying ARK Next Generation Internet ETF (NYSE: ARKW) and Ark Fintech Innovation ETF (NYSE: ARKF). This calculated transaction bore a value of $3.3 million, as per Coinbase’s closing price of $77.21 on that fateful Monday.
Over a month ago, Coinbase’s CEO, Brian Armstrong, made a crucial announcement regarding the integration of Bitcoin’s Lightning Network. Promising expedited and cost-effective transactions. Cathie Wood hailed this development, underscoring the pivotal role of Lightning as Bitcoin’s payment layer and its potential to furnish Coinbase’s extensive user base with swifter and more economical Bitcoin transactions. Armstrong’s revelation was a direct response to a query posed by Jack Dorsey, accentuating the pivotal role of the Lightning Network in bolstering Bitcoin’s transaction prowess.
Shifting Gears with GBTC
Beside the strategic move involving Coinbase, Ark Invest embarked on a separate initiative related to the Grayscale Bitcoin Trust (OTC: GBTC). In this calculated venture, they chose to divest themselves of 100,739 shares via ARKW. This decision held a significant value, amounting to $2.5 million. A figure mirroring GBTC’s closing price of $24.70 on the notable Monday in question. These moves underscore Ark Invest’s agility in navigating the crypto market and seizing opportunities strategically. Their actions exemplify their commitment to optimizing their investment portfolio in response to evolving market conditions.
Cathie Wood’s long-standing trust in Grayscale Investments solidifies it as a vital component within Barry Silbert’s Digital Currency Group. Her unwavering faith in Grayscale stems from the trust’s unyielding dedication to the practice of cold storage, which ensures the robust and unwavering security of their Bitcoin assets. This strategy aligns perfectly with the ever-increasing need for safety and security in the crypto world. Making Grayscale’s approach an essential pillar of Cathie Wood’s crypto investment philosophy. Furthermore, her ongoing support underscores the enduring value she places on these meticulous practices, seeing them as a cornerstone of the broader digital currency landscape.
Other Noteworthy Transactions
Ark Invest’s dynamic approach extended to other investment fronts as well. They secured 55,271 shares of Moderna Inc (NASDAQ: MRNA) through ARK Genomic Revolution ETF (BATS: ARKG). On the flip side, they chose to divest themselves of 10,396 shares of NVIDIA Corp (NASDAQ: NVDA) via ARKG. In a proactive move, Ark Invest acquired 259,628 shares of Robinhood Markets Inc (NASDAQ: HOOD) through ARKW.
Disclaimer
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