Cathie Wood’s investment firm, Ark Invest, has been selling off shares of Coinbase, the popular cryptocurrency exchange. In the past week alone, Ark Invest sold over 343,000 shares of Coinbase, taking advantage of the recent surge in price. This follows a pattern of Ark Invest selling off Coinbase and Grayscale Bitcoin Trust shares in recent weeks.
Despite selling off Coinbase shares, Ark Invest has increased its holdings in Tesla. The move comes as Coinbase’s stock price reached a new 52-week high of $178.80. The overall stock market has been rallying due to the Federal Reserve’s plan to make three interest rate cuts in the coming year. Additionally, anticipation of the approval of a Bitcoin exchange-traded fund (ETF) in January has contributed to the positive sentiment in the crypto market.
In total, Ark Invest sold over $43 million worth of Coinbase shares in December. With prices expected to continue rising, Ark Invest will likely continue to book profits as part of its active fund management strategy.
Cathie Wood, the founder of Ark Invest, has expressed her bullish stance on Bitcoin and bitcoin mining. She believes that Bitcoin has the potential to become a new global monetary system, similar to gold. While Elon Musk, the CEO of Tesla, has stated that he doesn’t spend much time thinking about cryptocurrency, he sees Bitcoin as a database for resource allocation rather than purely a form of money. He also emphasized the importance of stable fiat currencies and responsible government money creation.