Ark Invest Sells Million-Dollar Shares of Coinbase and Grayscale

Investment firm Ark Invest announced that it has significantly reduced its shares in Coinbase and Grayscale amidst the major surge in Bitcoin price.

Under the leadership of Cathie Wood, Ark Invest sold its shares in Coinbase Global Inc and Grayscale Bitcoin Trust despite a favorable ruling for spot Bitcoin ETFs in the Grayscale-SEC case, which positively influenced the Bitcoin rally.

Today, as Bitcoin reached its highest level in the last 18 months, during the market excitement, ARK Invest announced that it has sold off some of its shares in Coinbase and Grayscale.

The company sold a total of 42,613 Coinbase shares valued at $3.3 million and 100,739 GBTC shares valued at $2.5 million through ARK Next Generation Internet ETF and ARK Fintech Innovation ETF.

This sale comes shortly after Coinbase CEO Brian Armstrong announced his plan to implement Bitcoin’s Lightning Network. Armstrong’s announcement was in response to a question from Twitter CEO Jack Dorsey and was endorsed by Ark Invest’s founder, Cathie Wood.

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