Cathie Wood’s ARK Drops $245M in Coinbase, Grayscale Bitcoin Trust Shares in Last 30 Days

ARK Invest, Kathy Wood's asset management firm, has sold an estimated $181 million. Coinbase And $64 million worth of Greyscale Bitcoin Trust shares as of Nov. 21, according to disclosures for its ETF trades.

It's one thing to see the company making a profit on its COIN and GBTC holdings in the past month, but quite another when it all comes to a height of nearly $245 million. The total is calculated using the closing price of each share on the dates that ARK reports its purchases and sales to reconcile its holdings.

Cathy Woods is the CEO of ARK Invest, a Bitcoin- and crypto-friendly financial firm with $6.7 billion under management. They even released a monthly report on Bitcoin. The company tends to keep its holdings of Coinbase and Grayscale Bitcoin Trust in three of its ETFs: ARK Fintech Innovation ETF (ARKF), Ark Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).

And Wood never misses an opportunity to sing the praises of Bitcoin. “I just wanted to show you where Bitcoin is—it's the best performer this year,” she said in a recent video posted on the firm's YouTube channel. Since the beginning of the year, Bitcoin has risen 161%.

This is part of the reason why there hasn't been a better time to sell GBTC or COIN this year—and not just for ARK. Shares of Greyscale Bitcoin Trust, now trading at $36.04 as of press time, started the year trading at $8.20. Coinbase shares, which were trading at $167.86 on Wednesday afternoon, started the year at $33.60.

The world's oldest and largest cryptocurrency has surged 14% in the past month and topped $44,000 at one point. And that rally is thanks to growing enthusiasm for a bitcoin ETF to be approved in January.

That means even though ARK has shed more shares, what it still holds is worth more than it was before. For example: Coinbase is up 52% ​​in the last 30 days. If ARK had sold 1.3 million coins at once a month ago, it would have earned $134 million, which is 30% less than the $181 million it earned from recent sales.

Arch fund managers are expected to see prices drop and then sell during rallies. The bigger the difference between the cost basis (purchase price) and the stock price at the time of selling the stock, the better the profit is for investors who buy shares of ARK funds.

And if ARK and 21Shares have their way, space will soon increase Bitcoin ETF to the supply. Although it hasn't gotten the same attention as BlackRock, the Bitcoin ETF is one of the many companies vying to register. The company last filed an S-1 update with the SEC on Monday and, like its competitors, is due to hear back from the SEC in January.