Cathie Wood's Ark Invest has reportedly sold off some of its Coinbase stock as the crypto market and its associated stocks go on a wild rampage. The sell-off was hinted at by the Ark Invest Daily account on X, showing the sales took place on Monday, with a total of 32,158 COIN shares sold.
This figure represents 0.2060% of its total holdings, and per the closing price of COIN after Monday's trading session, the total amount sold came in at $2,482,919.18. This sale can be classified as a means to snatch some profits now that the Coinbase stock has added some notable gains.
Market data shows COIN closed Monday's session up 5%, and it has inked another 7.94% in the premarket, taking the price to $83.34. Besides the Coinbase sales, Ark Invest also notably dumped 100,739 Grayscale Bitcoin Trust (GBTC) shares.
This particular trade was considered a premature one by many market analysts, considering the fact that Bitcoin has rallied as high as $34,500, up by more than 10% in the past 24 hours. Had Ark Invest waited some more, it might have sold off these assets at a much higher price than it did.
Bitcoin and Coinbase backing continue
Ark Invest is one of the most prominent backers of cryptocurrencies and the firms championing its mainstream adoption.
Under Cathie Wood's leadership, Ark Invest, in partnership with 21 Shares, has filed an application to list Bitcoin spot ETF products with the United States Securities and Exchange Commission (SEC). Its application is under review alongside top firms like BlackRock, Bitwise and Fidelity.
The confidence in the future of Bitcoin and firms like Coinbase in its ecosystem was further emphasized by Cathie Wood in her $1 million price target for BTC.