Cathie Wood’s ARK Invest recently sold $33 million worth of Coinbase (COIN) stock after the cryptocurrency exchange’s shares, based on the day’s closing price, reached a 19-month high on the strength of bitcoin’s (BTC) most recent surge.
Over three separate exchange-traded funds (ETFs)—Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF)—ARK sold a total of 237,572 COIN shares.
During the day, COIN shares reached as high as $147.86 before closing at $140.20, down 0.63%.
Additionally, ARK sold 168,127 shares, or approximately $5.9 million, in Grayscale’s Bitcoin Trust (GBTC), a digital asset investment manager. Tuesday’s closing price for GBTC shares was $35.10, the highest since December 2021.
Often, the investment manager buys shares related to cryptocurrencies at a discount and sells them when the market shows signs of strength. For the first time since April 2022, Bitcoin surpassed $44,000 after rising more than 5% in last 24hours