ARK Invest sells $8.7 million worth of Bitcoin ETF shares for a profit

Golden Finance reports that Cathie Wood's investment firm sold 225,742 shares of the ARK 21Shares Bitcoin ETF (ARKB) from its Next Generation Internet Fund (ARKW) on Tuesday, valued at 8.7 million dollars. The firm also sold 34,207 shares of Coinbase Global Inc. Commenting on the underlying motivation for the sale, Nansen analyst Nicolai Sondergaard said: "They may want to capitalize on near-term market momentum while reducing their exposure ahead of the release of the Consumer Price Index (CPI). ” "It could also reflect a strategy that focuses on higher-risk, higher-return assets, or a possible preference for simpler assets with strong returns relative to their underlying fundamentals," Sondergaard added. ”