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CDS Crypto News Cathie Wood Ark Invest recently liquidated 45 million Dollars in Coinbase shares

Crypto News

Cathie Wood Ark Invest recently liquidated 45 million Dollars in Coinbase shares

Last week, Cathie Wood’s Ark Invest sold 217,305 Coinbase shares, which amounted to nearly $45 million based on the market closing price on Friday.

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Cathie Wood's Ark Invest recently liquidated 45 million Dollars in Coinbase shares

Crypto News– Last week, investment manager Ark Invest sold 217,305 Coinbase shares from its Innovation exchange-traded fund (ARKK), which amounted to approximately $44.7 million based on current prices, as indicated in the company’s most recent trade filing.

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Cathie Wood Ark Invest recently liquidated 45 million Dollars in Coinbase shares

On Wednesday alone, Ark Invest offloaded 86,298 Coinbase shares, valued at over $17 million, as part of its ongoing efforts to rebalance its fund weightings amidst the recent surge in COIN’s price. Additionally, Ark Invest had previously divested $16 million worth of Coinbase stock the week before last.

Coinbase stock closed at $205.77 on Friday, marking a 22% increase for the week and a 60% surge over the past month, according to TradingView data. Despite registering a remarkable 150% gain over the course of a year, the stock still remains 40% below its all-time high of $342.98, which was achieved during the peak of the last crypto bull market in November 2021.

Despite experiencing significant web traffic that temporarily caused a platform glitch, Coinbase stock surged to multi-month highs

On Wednesday, the price of COIN surged above the $200 mark for the first time since January 2022. This notable milestone was achieved despite encountering heavy web traffic issues, which resulted in a temporary glitch displaying $0 balances on the crypto exchange. Despite this hiccup, daily trading volume soared, more than doubling to over $8.6 billion.

At present, Coinbase holds a valuation of $38.3 billion, according to data from The Block’s data dashboard.

Ark Invest recently divested 11.4 million Dollars worth of Robinhood shares

Last week, Ark Invest also divested 686,864 Robinhood shares from its Next Generation Internet (ARKW) and Fintech Innovation (ARKF) funds, amounting to approximately $11.4 million.

Shares of the stock and crypto trading app concluded the week at $16.58, reflecting a gain of over 12% for the week and a substantial 50% increase over the past month, according to data from TradingView.