Ark Invest Dumps Over $100 Million in Coinbase Shares Amid Price Surge
Crypto News – Cathie Wood‘s Ark Invest made headlines this week by offloading a substantial portion of its Coinbase holdings, totaling over $100 million in shares across its exchange-traded funds (ETFs). The significant sell-off occurred on Wednesday, with the firm parting with 204,469 shares valued at approximately $48.8 million.
The bulk of this sell-off came from the Ark Innovation ETF, which unloaded 174,326 shares, translating to $41.6 million at the current market rates. Additionally, the Next Generation Internet ETF and Fintech Innovation ETF shed 13,490 and 16,653 shares, respectively, amounting to a combined $7.2 million.
This latest transaction is part of a larger trend for Ark Invest, which also sold $31 million and $24 million worth of Coinbase shares on Monday and Tuesday, respectively. Coupled with the previous week’s sale of $45 million in shares, Ark Invest has reduced its Coinbase portfolio by over $100 million in a very short period.
These strategic moves come as Coinbase’s stock price experiences a significant surge, closing at $238.55 on Wednesday. This marks a more than 10% increase for the day, achieving its highest value since December 2021, as reported by TradingView. Over the past month, COIN has seen an 85% rise, and a staggering 280% increase over the past year, although it still lags 30% behind its all-time peak of $342.98 reached in the November 2021 bull market.
The sell-off coincides with Coinbase’s renewed visibility, as it climbed back into the Apple App Store‘s top 100 this week for the first time in two years. This resurgence in popularity comes as Bitcoin’s price edges closer to its all-time highs, despite Coinbase experiencing brief technical issues with account balances.
Leave a comment