Selling Crypto COIN Shares, Cathie Wood Profits $33 Million!

<p>&nbsp;"Be like Cathie Wood, when it goes up, take the profit, don't wait until the price drops."</p><p><br /></p><p>Ark Invest, the investment management firm founded by Cathie Wood that wants to launch a spot Bitcoin (BTC) ETF in 2024 has acted to capitalize on its large holdings in Coinbase (COIN) shares.</p><p><br /></p><p>Through observation, Ark Invest on December 5, 2023 sold 237,572 shares of COIN when the price closed at $140 per share from its three funds to take a profit of about $33 million.</p><p><br /></p><p>Immediately after selling 201,711 shares of COIN from Ark Innovation ETF (ARKK), Wood sold another 28,535 and 7,326 by Ark Fintech Innovation ETF (ARKF) and Ark Next Generation Internet ETF (ARKW).</p><p><br /></p><p><br /></p><p>COIN stock hit a new yearly high as its price surged 280% year to date (YTD) at $148 as the rest of the crypto market rallied and after Binance and Changpeng Zhao (CZ) pleaded guilty to money laundering including US sanctions violations.</p><p><br /></p><p>In addition to aggressively selling COIN shares, Ark Invest also sold 168,127 shares of Grayscale Bitcoin Trust (GBTC) when the price was at $35 to generate a profit of $5.9 million then shares of Grayscale Bitcoin Trust on October 23, 2023 when BTC was heading for $34,000.</p><p><br /></p><p>There is no denying that Ark Invest has sold COIN shares, but the firm still holds a large number of shares where COIN remains the largest asset in ARKF's portfolio, accounting for over 13% of its net assets worth nearly $135 million.</p><p><br /></p><p>Please be informed that ARKW ETF and ARKK ETF respectively also hold 11.72% and 11.64% of COIN shares.</p><p><br /></p><p>Not only that, Ark Invest is also actively buying other crypto-related stocks, among them Robinhood (HOOD) including SoFi Technologies (SOFI) even though it announced the termination of its digital asset trading service.</p>