In the midst of the Bitcoin boom, Ark Invest sells Coinbase and Grayscale shares

Cathie Wood's Ark Invest recently modified its portfolio in the midst of a huge increase in Bitcoin. Despite a favorable court verdict in the Grayscale-SEC dispute over spot Bitcoin ETFs, which fueled the Bitcoin rise, the business sold shares of Coinbase (NASDAQ:COIN) Global Inc and Grayscale Bitcoin Trust.

On Tuesday, Ark Invest sold 42,613 Coinbase shares for $3.3 million through its ARK Next Generation Internet ETF and ARK Fintech Innovation ETF. This decision came in response to Coinbase CEO Brian Armstrong's announcement about integrating Bitcoin's Lightning Network for faster transaction speeds, which Wood supported in answer to a question from Jack Dorsey.

At the same time, Ark Invest sold 100,739 Grayscale Bitcoin Trust shares worth $2.5 million. Wood has previously lauded Grayscale for their dedication to cold storage security, which is critical to Barry Silbert's Digital Currency Group.

Despite these transactions, Ark Invest is bullish on Bitcoin's future. Following the expected approval of spot Bitcoin ETFs, the business expects Bitcoin to reach $1.48 million by the end of the decade.

In addition to these transactions, Ark Invest made other notable trades, including the $2.38 million purchase of 259,628 Robinhood Markets Inc (NASDAQ:HOOD) shares via ARKW. Ark Invest is the second largest institutional holder of Robinhood stock, with a 4.1% investment spread across four ETFs.

The business also purchased 55,271 shares of Moderna (NASDAQ:MRNA) Inc through its ARK Genomic Revolution ETF, while selling 10,396 shares of NVIDIA Corp (NASDAQ:NVDA). The setting also cited Ark Invest's history with Nvidia when it was valued at $5 and drew parallels between Wood and Warren Buffett while discussing investment methods of companies such as Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA).