Cathie Wood’s investment company, ARK Invest, sold shares of the Coinbase crypto exchange and the Grayscale Bitcoin Trust (GBTC) worth about $5.8 million.
The transactions took place through several of the firm’s funds. Thus, ARK Next Generation Internet ETF sold 100,739 GBTC at $24.71 and 32,158 COIN at $77.21. ARK Fintech Innovation ETF sold out 10,455 COIN at $77.21.
The investment firm is likely taking profits from the recent crypto rally. On Oct. 24, Bitcoin (BTC) reached $35,000. Following BTC, other assets from the top 10 by capitalization also went green.
At the time of writing, the first cryptocurrency is trading at $34,416.41, having increased by more than 20% over the past week. According to MarketWatch, Coinbase is valued at $83.85 in premarket trading, up 8.6% overnight.
ARK Invest and 21Shares submitted a joint application to launch a spot Bitcoin ETF in April. In August, the regulator postponed a decision on the firms’ proposals. In October, the firms made several changes to the document. In August, the companies sent a paired request to launch two exchange-traded funds based on Ethereum futures.