The Cathie Wood Shuffle Ark Invest Dumps Coinbase and Grayscale Bitcoin Trust, Snaps Up Robinhood Stocks in the Midst of Crypto Craze

Cathie Wood Diversifies Portfolio at Ark Invest Sells Coinbase and Grayscale Bitcoin Trust, Acquires Robinhood Stocks During Crypto Boom

Cathie Wood-led Ark Invest, always keeping us on our toes, just unloaded a whopping 42,613 shares of Coinbase, the US-based crypto exchange. And get this, they did it through their ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. I guess even the great Cathie Wood needs to make some room in her portfolio as the price of Bitcoin started creeping closer to $35,000. Talk about making strategic moves!

But let’s break it down. The shares that Ark Invest sold were worth about $3.3 million. Yes, you heard me right. That’s a whole lot of crypto coins. The closing price of Coinbase on Monday evening was $77.21. So, Cathie Wood waved goodbye to all those Benjamins.

Now, why would she do such a thing? Well, when Bitcoin is hitting those high notes, sometimes you gotta let go. It’s as simple as that. At the time of writing, Bitcoin is trading above $34,400, with a 12% increase in the last 24 hours and a 23% jump in the last 7 days. That’s enough to make anyone feel a little uncertain.

Speaking of uncertain, have you heard about the recent courtroom drama? It turns out that the surge in Bitcoin’s price could be attributed to a court order in the Grayscale and SEC lawsuit. The judge actually ordered the SEC to reverse its rejection of the asset manager’s spot bitcoin ETF application. Quite the plot twist, isn’t it?

• 2023 Q3 Bitcoin Mining Report Hash Price, ASIC Price, US Electricity Price
• Bitcoin Spot ETF Approval Get Ready for a Buying Rally, says EY Executive!
• A Cryptocurrency-Crazed Doctor’s Darknet Murder Drama Guilty Plea Reveals an Unconventional Love Triangle

Now, while all this is happening, Ark Invest is also crossing its fingers for its own spot Bitcoin ETF approval from the SEC. Talk about keeping your options open. Cathie Wood has been very vocal about her support for Bitcoin and her desire to make it more accessible. She even blamed Gary Gensler, head of the SEC, for standing in the way of proposed spot Bitcoin ETFs. It’s like she’s saying, “Come on, Gensler, don’t be a party pooper!”

But don’t worry, experts are confident that a spot Bitcoin ETF approval is on the horizon. That’s the good news in all this chaos.

Now, let’s go back to Cathie Wood. You know, she didn’t just stop at Coinbase. She sold a staggering 100,739 shares of Grayscale Bitcoin Trust through her ARK Next Generation Internet ETF. That’s a cool $2.5 million. The closing price of Grayscale Bitcoin Trust on Monday evening was $24.70. That’s a lot of trust in the world of crypto.

And can I just say, Cathie Wood has always been bullish on Bitcoin’s price. In fact, she and the folks at Ark Invest predict that Bitcoin will reach a mind-boggling $1.48 million by the end of this decade. That’s like finding a crypto unicorn at the end of a rainbow.

But wait, there’s more! Ark Invest also added 259,628 shares of Robinhood Markets Inc to their ETF. A transaction valued at $2.38 million. Robinhood, the app for the people, has been making waves and it seems Ark Invest wants a slice of the action.

So, what does all this mean for us digital asset investors? Well, it’s like playing a game of chess. Sometimes you have to make strategic moves, lock in some profits, and make room for new opportunities. It’s all about staying one step ahead in this ever-changing crypto world.

Now, it’s your turn. What do you make of Cathie Wood’s recent moves? Are you buying, selling, or just hodling onto your crypto? Let me know in the comments below! Oh, and don’t forget to hit that like button and subscribe for more blockchain banter. Stay tuned!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!