Cathie Wood’s Ark Invest Continues to Sell Coinbase Shares
Cathie Wood’s Ark Invest has sold an additional 166,183 shares of Coinbase Global Inc., worth $25.3 million, in a continued selling spree for the popular crypto exchange. The latest trade filing reveals that the ARK Innovation ETF sold 145,048 shares, while the ARK Next Generation Internet ETF offloaded 21,135 shares on Wednesday.
Selling Spree
This recent sell-off follows Ark Invest’s previous sale of over $200 million worth of Coinbase shares in recent weeks. The continuous selling activity from the investment firm suggests a change in their sentiment towards the crypto exchange.
Coinbase Performance
Despite the selling pressure, Coinbase stock closed down 2.96% at $152.24 on Wednesday. However, it is important to note that the stock has experienced significant growth over the past year, rising over 300%.
Selected as Custodian
Coinbase has been chosen as the custodian for crypto assets by traditional financial institutions such as BlackRock. This decision comes as several firms, including BlackRock, have applied for spot bitcoin exchange-traded funds.
Hot Take: Ark Invest Reduces Exposure to Coinbase
Cathie Wood’s Ark Invest has continued its selling spree of Coinbase shares, offloading an additional $25.3 million worth of stocks. This ongoing trend suggests a shift in sentiment towards the popular crypto exchange. Despite this sell-off, Coinbase’s stock has shown strong growth over the past year. Additionally, its selection as a custodian for traditional financial institutions highlights its position in the market. As investors navigate the ever-changing crypto landscape, it will be interesting to see how this development impacts Coinbase’s future performance.
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