Ark Invest Sells Over $100 Million Worth of Coinbase Shares
Ark Invest, the investment management firm led by Cathie Wood, sold over $100 million worth of Coinbase shares last week. On Friday alone, the company offloaded 335,860 COIN tokens, equivalent to $49.2 million. The sale included shares from Ark’s Fintech Innovation ETF, Next Generation Internet ETF, and Innovation ETF.
Coinbase Stock Performance
Coinbase stock closed at $146.62 on Friday, up around 7.7% for the day and over 300% year-to-date. However, it remains 57% below its all-time high of $342.98 reached during the peak of the previous crypto bull market in November 2021.
Ark’s Selling Spree Continues
In addition to last week’s sales, Ark Invest had already sold $15 million worth of Coinbase shares the week before. The total amount sold last week reached $108.2 million as Coinbase’s stock price surged.
Ark Also Sells Grayscale Bitcoin Trust Shares
Alongside its Coinbase sales, Ark Invest also sold 102,672 shares of Grayscale Bitcoin Trust (GBTC) on Friday. The trust’s shares closed at $35.51, up approximately 5% for the day and 332% year-to-date.
Bitcoin Price Correction
The selling activity coincided with a price correction in bitcoin, which briefly rose above $44,000 before experiencing a 10% drop on some exchanges. Bitcoin is currently trading around $42,350 and has gained about 1.6% over the past week and 165% year-to-date.
Hot Take: Ark Invest Continues to Reduce Exposure to Coinbase
Ark Invest’s continued selling of Coinbase shares highlights a shift in their investment strategy. With Coinbase’s stock price still below its previous all-time high, it seems that Ark Invest is taking profits and diversifying its holdings. As the cryptocurrency market remains volatile, it will be interesting to see how Ark Invest adjusts its portfolio in the future.
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