Ark Innovation ETF- Coinbase Price Hits New High Despite Ark’s Share Sales
Ark Innovation ETF– Cathie Wood’s Ark Invest recently offloaded shares of Coinbase Global Inc. and Block Inc. from its flagship Ark Innovation ETF (ARKK), despite Coinbase’s stock hitting a new all-time closing high. On Thursday, Ark sold 33,363 Coinbase shares valued at approximately $12.5 million and 189,649 Block shares worth about $12.3 million, according to the latest trade filings.
Coinbase’s shares closed the day up 5.54% at $375.07, marking a remarkable 27.02% gain over the past five days and a year-to-date increase of 51.06%. This surge reflects a more optimistic regulatory environment in the U.S., as the Senate recently approved the pivotal GENIUS stablecoin bill, which now moves to the House for further consideration.
In contrast, Block Inc. shares experienced a modest rise of 0.46%, closing at $65.11 on Thursday. However, Block’s stock remains down 23.39% year-to-date, reflecting broader challenges the company has faced despite recent positive movements.
Stablecoin Issuer Circle Sees Continued Gains
Meanwhile, Circle, the company behind the USDC stablecoin, saw its stock price climb 7.56% on Thursday, bouncing back after a brief pullback earlier this week. This rally underscores growing investor confidence in stablecoin projects amid evolving market dynamics.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
