Ark Invest Sells Additional Coinbase Shares Worth $24.2 Million
ARK Invest, a participant in the application process for a spot Bitcoin exchange-traded fund (ETF) in the United States, has been consistently selling its holdings of Coinbase stock. This trend continued with the recent sale of another substantial batch of Coinbase shares.
Cathie Wood’s Ark Invest sold an additional 149,780 Coinbase shares (COIN) totaling $24.2 million from two of its funds as the stock reached new yearly highs, according to the company’s latest trade filing. The sale included 132,782 Coinbase shares ($21.5 million) from its Innovation ETF and 16,998 shares ($2.7 million) from its Next Generation Internet ETF. Ark Invest has been rebalancing its fund weightings amid a recent surge in COIN’s price.
This sale follows a $5.5 million disposal of Coinbase shares on Tuesday, and Ark has sold over $200 million worth of Coinbase stock in the past month. Despite reaching yearly highs, Coinbase shares closed at $161.86 on the day of the sale.
Over the past month, Coinbase shares have increased by 60%, and year-to-date, they have risen by 344%. However, the stock is still over 50% below its all-time high of approximately $343, set in November 2021.
Ark Invest, led by Cathie Wood, sold approximately $59 million in Coinbase shares last week, according to a recent trade filing. The investment management firm disclosed the sale of 18,962 COIN shares ($2.8 million) last Friday.
Capitalizing on the recent rally in Coinbase’s stock, Ark Invest sold 12,142 Coinbase shares ($1.8 million) from its Innovation ETF, 2,278 shares ($337,000) from its Next Generation Internet ETF, and 4,542 shares ($672,000) from its Fintech Innovation ETF.
This follows the trend set earlier in the week, with the sale of $42.6 million worth of COIN on
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