Cathie Wood Ark Invest Further Reduces Coinbase Exposure, Unloading 11.5 Million Dollars in Shares

Ark Invest, under the leadership of Cathie Wood, extended its selling streak of Coinbase shares, as revealed in the latest trade filing. On Tuesday, the investment firm offloaded 82,255 COIN (equivalent to $11.5 million) across three of its funds.

Cathie Wood Ark Invest Further Reduces Coinbase Exposure, Unloading 11.5 Million Dollars in Shares

Breaking down the transactions, Ark Invest sold 65,297 Coinbase shares (valued at $9.1 million) from its Innovation ETF, along with 15,502 shares (amounting to $2.2 million) from its Next Generation Internet ETF. Additionally, 1,456 shares (totaling $203,000) were sold from its Fintech Innovation ETF. These recent sell-offs come on the heels of the $1.9 million worth of COIN that Ark divested on Monday and the substantial $100 million in Coinbase share disposals the previous week, reflecting the firm’s strategic efforts to rebalance its fund weightings.

As of the market close on Tuesday, Coinbase stock was trading at $139.62, marking a 2% decrease over the last five days. Despite this recent dip, the stock has seen an impressive nearly 50% surge over the course of the month, according to TradingView. However, it’s crucial to note that Coinbase’s current stock value still lags over 60% behind its all-time high of $342.98, achieved during the peak of the last cryptocurrency bull market in November 2021. According to The Block’s data dashboard, Coinbase is presently valued at $26 billion.