Ark Invest Sells Over $10 Million Worth of Coinbase Shares
Ark Invest, the investment management firm led by Cathie Wood, has sold over $10 million worth of Coinbase shares in recent days. The firm offloaded 38,668 shares from its Fintech Innovation ETF and 43,956 shares from its Next Generation Internet fund.
Coinbase Stock Performance
Coinbase stock has been performing well recently, with a current trading price of $129.26. It has seen a significant increase of over 70% in the past month and a staggering 242% year-to-date. However, it is important to note that the stock is still more than 60% down from its all-time high during the crypto bull market in 2021.
Ark Invest’s Robinhood Shares
In addition to selling Coinbase shares, Ark Invest also acquired over $3 million worth of Robinhood shares. This coincides with Robinhood’s international debut in the UK, offering commission-free stock trading. The fintech firm also plans to expand its crypto trading services to the European Union soon.
Bitcoin’s Positive Performance
The timing of Ark Invest’s Coinbase share sales aligns with Bitcoin reaching new yearly highs. Bitcoin is currently trading at $38,800 and has had a positive month, rising approximately 12% in November following a 28% increase in October. Year-to-date, Bitcoin is up by an impressive 134%.
Hot Take: Ark Invest Takes Profits Amidst Crypto Market Surge
As cryptocurrency prices continue to soar, Ark Invest seems to be taking advantage of the bullish market by selling some of its Coinbase shares. This move may indicate that Ark Invest believes the current valuation of Coinbase is at a peak and that it’s an opportune time to secure profits. Additionally, the firm’s acquisition of Robinhood shares suggests confidence in the fintech sector. While the crypto market remains volatile, Ark Invest’s strategic moves demonstrate its ability to navigate and capitalize on market trends.
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