16 Million Dollar Coinbase Share Sale: Ark Invest Sells Shares Again

Crypto News – As per the company’s most recent trade disclosure, Ark Invest sold 96,435 Coinbase shares, valued at around $16 million, through three of its exchange-traded funds last week.

16 Million Dollar Coinbase Share Sale: Ark Invest Sells Shares Again

The investment management company sold 13,906 shares from its Fintech Innovation ETF ($2.3 million), 28,222 shares from its Next Generation Internet ETF ($4.7 million), and 54,307 shares ($9 million) from its Innovation ETF during the previous seven days, accounting for the total number of shares sold by Coinbase. Amidst a jump in COIN’s price of over 30% over the last month, Ark has persisted in rebalancing its fund weightings. But COIN dropped more than 12% at the end of last week.

According to TradingView, Coinbase’s stock was down about 3% on the day at Friday’s market close, trading at $165.98. The stock has increased by over 160% in the last year, but it has nevertheless dropped by more than 50% from its top in November 2021, when the cryptocurrency bull market was at its strongest, at $342.98.