ARK Invest sold Coinbase and GBTC shares for $5.8 million

ARK Invest, the Cathie Wood-led investment firm, sold shares of Coinbase and the Grayscale Bitcoin Trust (GBTC) for about $5.8 million.

Cathie Wood and Ark Invest’s trade activity from today 10/23 pic.twitter.com/3SilCpHQFG

— Ark Invest Daily (@ArkkDaily) October 24, 2023

The trades occurred through several of the firm’s funds:

• ARK Next Generation Internet ETF sold 100,739 GBTC at $24.71 and 32,158 COIN at $77.21;
• ARK Fintech Innovation ETF — 10,455 COIN at $77.21.

Likely the investment firm is booking profits from the recent crypto rally. On the morning of October 24, Bitcoin tested the $35,000 mark. Other top-10-capitalized assets also moved into the ‘green zone’ chasing the digital gold.

As of writing, the first cryptocurrency is trading at $34,181, up about 20% over the past week, according to CoinGecko.

According to MarketWatch, Coinbase quotes are currently trading at a premarket price of $83.85, up 8.6% for the day.

ARK Invest last liquidated Coinbase stock positions in July. At that time the firm sold securities for $53 million.

In April, ARK Invest and 21Shares filed a joint application to launch a spot Bitcoin-ETF. In August the regulator delayed the decision regarding the firms’ proposal. In October the firms made several changes to the document.

In August the companies submitted a parallel request to launch two Ethereum futures-based exchange-traded funds.