It appears that Cathie Wood’s Ark Invest has continued to salvage its relationship with Coinbase and GBTC shares. In the last 30 days, the firm has liquidated 1.1 million shares of Coinbase, representing about $480.5 million in value, and another 1.8 million shares of the Grayscale Bitcoin Trust (GBTC), valued at approximately $1.15 billion. This is down from the firm’s previous amount of investment in the two assets.
The liquidation of these shares was clearly part of a strategic move by Ark Invest to allocate its funds to more diversified investments. For example, the firm has announced three new investments in a range of companies, including food delivery giant DoorDash, e-commerce giant Shopify, and online lender Upstart.
It’s worth noting that before Ark Invest liquidated its Coinbase and GBTC shares, the firm had taken a large position in the assets. That suggests that Ark Invest may have been concerned about the performance of the investments in the future and chose to divest accordingly. This is not the first time that Wood’s firm has divested from Coinbase and GBTC either; in April 2021, the firm sold 2.7 million Coinbase shares worth approximately $1 billion.
Despite this, Wood and her firm remain positive on Bitcoin and other digital assets. Ark Invest is still heavily invested in the asset class with $10 billion committed to the space as of April 2021. The firm’s recent reallocation of funds suggests that it is actively diversifying its portfolio and looking to expand its scope of investments.
