ARK Invest Sells $33M Coinbase Shares & $5.9M Grayscale Bitcoin Trust

• ARK Invest Divests $33 Million in Coinbase (COIN) Stock
• COIN Shares' Market Performance
• Momentum-Based Investment Strategy
• Grayscale's Upcoming Moves in Bitcoin ETF Race

ARK Invest Divests $33 Million in Coinbase (COIN) Stock

ARK Invest, under the leadership of Cathie Wood, offloaded $33 million of Coinbase (COIN) stock on Tuesday. This move came about as the crypto exchange's shares scaled a 19-month peak bolstered by the recent surge in Bitcoin$42,260 -0.64% (BTC) value, as implied by the day's closing price. ARK parted with a total of 237,572 COIN shares dispersed across three different exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).

COIN Shares' Market Performance

COIN's shares experienced a high of $147.86 during Tuesday's trading before settling down 0.63% to close at $140.20. In addition to the COIN shares, ARK also reduced its stake in digital assets investment manager Grayscale's Bitcoin Trust (GBTC), selling 168,127 shares valued at approximately $5.9 million. GBTC shares ended Tuesday's trading at their apex since December 2021, closing at $35.10.

Momentum-Based Investment Strategy

ARK Invest often employs a strategy of gathering crypto-related shares at a relatively low cost and then divesting them when they exhibit a bullish momentum. For instance, Bitcoin experienced a more than 5% gain in the last 24 hours, pushing its value above $44,000 for the first time since April 2022.

Grayscale's Upcoming Moves in Bitcoin ETF Race

In related news, Grayscale is gearing up for the Bitcoin ETF race by recruiting an industry veteran from Invesco. This move is expected to further strengthen their position in the cryptocurrency market.

Edited by Jonathan Stoker