Cathie Wood’s Ark Invest Sells $30.9 Million Worth of Coinbase Shares
Cathie Wood’s Ark Invest recently sold 134,749 shares of Coinbase across three of its exchange-traded funds (ETFs), amounting to $30.9 million, according to the company’s trade filing.
- Ark Invest sold 72,871 shares ($16.7 million) from its Innovation ETF.
- They also offloaded 11,015 shares ($2.5 million) from their Next Generation Internet ETF.
- An additional 50,863 shares were sold from their Fintech Innovation ETF ($11.7 million).
Last week, Ark Invest also sold $45 million worth of Coinbase stock as part of its ongoing fund rebalancing strategy.
Despite the recent sales, Coinbase stock closed at $229.15 on Monday, up more than 11% for the day. The stock has experienced significant gains in the past month and year but remains 33% below its all-time high of $342.98 reached in November 2021.
Coinbase Stock Reaches Two-Year High Despite Platform Glitch
Despite a technical glitch that caused a zero balance platform issue for the second time in five days, Coinbase’s stock reached its highest level since January 2022.
The crypto exchange acknowledged the issue and assured users that their funds were safe while investigating the problem. Trading was not affected during this time.
Last week, Coinbase experienced a similar glitch due to heavy traffic. CEO Brian Armstrong explained that they had anticipated a surge in traffic but underestimated the volume. They are working on scaling solutions to prevent future issues.
Hot Take: Coinbase Stock Remains Strong Amidst Glitches and Sales
Despite the recent glitches and Ark Invest’s sales, Coinbase stock continues to perform well and reached its highest level in two years. Here are some key takeaways:
- The surge in Coinbase’s share price highlights the market’s confidence in the company.
- Technical glitches have occurred, but Coinbase has taken measures to address them and ensure the safety of user funds.
- Ark Invest’s sales may be part of a larger strategy to rebalance their fund weightings.
- Coinbase’s stock has seen significant gains over the past month and year, indicating investor interest in the crypto space.
While it is important to monitor any potential issues with Coinbase’s platform and track investment strategies of major players like Ark Invest, the overall outlook for Coinbase remains positive as it continues to establish itself as a leading cryptocurrency exchange.
By
By
By
By
By