Amidst the global slump in cryptocurrencies, Ark Invest, a renowned investment management firm in the U.S., led by Cathie Wood, has been making waves in the market with its recent actions. On December 12th, Ark Invest reportedly offloaded a substantial amount of Coinbase shares, sparking widespread speculation. The firm sold 82,255 Coinbase shares, translating to a value of $11.48 million. This move seems to mirror the recent actions of Coinbase Co-founder Fred Ehrsam, who also sold a significant amount of his COIN shares.
Ark Invest’s Coinbase Divestment: A Closer Look
The sale of Coinbase shares by Ark Invest has drawn significant attention from the broader crypto market. This is primarily due to the timing of the sale, which coincides with a global downturn in cryptocurrencies. Interestingly, this trend seems to follow the actions of one of Coinbase’s founders, who recently sold millions of dollars’ worth of Coinbase shares. The divestment from Coinbase by Ark Invest’s founder and Bitcoin advocate, Cathie Woods, seems to be at odds with her publicly bullish stance on Bitcoin.
On the day of the sale, Ark Invest unloaded 82,255 Coinbase shares valued at $11.48 million. These shares were sold via Ark Invest’s affiliated entities, including Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).
Ark Invest’s Larger Trend of Crypto Divestment
Ark Invest’s recent sale of Coinbase shares is part of a larger trend of the firm divesting from crypto-related assets. This was evident from Ark’s recent sale of Grayscale Bitcoin Trust shares, indicating a potential loss of confidence in cryptocurrencies. Furthermore, it seems that Ark Invest is following a similar pattern to Coinbase Co-founder Fred Ehrsam, who earlier this month sold over $14 million worth of COIN shares.
As reported by COINOTAG, Wood’s investment firm recently sold COIN shares worth $2 million, adding to the divestment saga. This coincides with a recent uptick in COIN share price, witnessing a 1.16% rise. At the close, the COIN share price stood at $139.62 on the U.S. stock market.
Impact on Bitcoin Price
Alongside Ark Invest’s divestment from crypto-related assets, the price of Bitcoin has also seen a decline. At the time of writing, the Bitcoin price dropped by 1.44%, reaching $41,040. This decline was accompanied by a weekly decrease of 6.42%. Furthermore, Bitcoin’s price drop aligned with the global downturn in the crypto market, resulting in a 2.20% decrease in market capitalization.
Despite Cathie’s bullish stance on Bitcoin, the actions of her firm seem to indicate a significant divestment from crypto-related shares. Investors and crypto enthusiasts alike are keenly watching these market movements, and many are turning to platforms like cryptoview.io to stay updated on these trends.
Start now using our tools for free.Remember, in this ever-evolving world of cryptocurrencies, staying informed is key. Keep an eye on the market trends and make informed decisions.
