Founder and CEO of ARK Invest, Cathie Wood, is selling tens of thousands of shares in the American cryptocurrency exchange Coinbase (COIN).
According to Ark Invest’s latest reported sales, ARK sold 43,956 shares of Coinbase on Monday as COIN rose to $120.
COIN was trading at $128.27 at market close on Tuesday, its highest closing price since April 2022.
As ARK sold off Coinbase shares, the Ark Fintech Innovation ETF expanded its holdings of trading platform Robinhood with a purchase of 143,063 additional shares worth about $1.2 million at the time.
Robinhood (HOOD) was trading at $8.64 at market close on Tuesday, up nearly 3% on the day.
Other recent notable moves from ARK include selling 36,168 shares of Grayscale Bitcoin Trust (GBTC) on November 22 and 32,980 GBTC shares on November 21 for over $2 million.
At market close Tuesday, GBTC was trading at $31.51, up more than 4.60% on the day.
Earlier this month, Wood said that key statistics confirmed that Bitcoin (BTC) is in a real bull market.
“The health of the network is almost as good as it gets. And it looks like this is a bull market. Sure, we’ll have puts and takes. Nothing goes straight up. But I think there is a flight to quality. [BlackRock CEO] Larry Fink used that expression. We call it a flight to safety.”
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