Profit taking may continue until prices stop rising.

Cathie Wood’s asset manager ARK Invest has sold about $181 million worth of Coinbase stock and $64 million worth of Grayscale Bitcoin Trust shares since Nov. 21, according to its ETF trading disclosures.

It’s one thing to see the firm frequently taking profits on its COIN and GBTC holdings over the past month, but it’s a little different when it all adds up to nearly $245 million. These totals were calculated using the closing price per share when ARK reported buying and selling to rebalance its holdings.

Cathie Woods is the CEO of ARK Invest, a financial firm that supports Bitcoin and cryptocurrencies with $6.7 billion in assets under management. In fact, they publish a monthly report on Bitcoin. The company prefers to keep its Coinbase and Grayscale Bitcoin Trust holdings in three of its ETFs: ARK Fintech Innovation ETF (ARKF), Ark Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).

Cathie Wood never misses an opportunity to praise Bitcoin. “Just to show you where Bitcoin is right now, it’s the best performing asset this year,” she said in a recent video on the company’s YouTube channel. Bitcoin has risen 161% since the beginning of the year.

That’s why there’s no better time to sell GBTC or COIN this year, not just for ARK. As of this writing, Grayscale Bitcoin Trust’s share price is $36.04, having started the year at $8.20. Coinbase’s share price, as of Wednesday afternoon, is $167.86, having started the year at $33.60.

The world’s oldest and largest cryptocurrency has gained 14% over the past month, even topping $44,000 at one point. The rally is largely thanks to growing expectations that a spot Bitcoin ETF could be approved as early as January.

This means that even though ARK sold a lot of its shares, the shares it still holds are worth much more than before. For example: Coinbase is up 52% ​​in the past 30 days. If ARK sold 1.3 million COIN in one go a month ago, it would have earned $134 million, 30% less than the $181 million it recently sold.

ARK Invest's fund managers buy when prices fall and sell when they rise, and that's largely how it works. The greater the difference between the cost basis (purchase price) when the stock is sold and the share price, the better the return for investors who buy ARK fund shares.

If ARK and 21Shares are successful, it will soon add a spot Bitcoin ETF to its products. Although it has not received the same attention as BlackRock, it is one of many companies racing to register a Bitcoin ETF. The company last filed an S-1 update with the SEC on Monday and will receive a response from the SEC in January, just like other competitors. #ARK #COIN