Cathie Wood’s Ark Invest Continues Selling Coinbase Shares
Cathie Wood’s Ark Invest has sold an additional 82,255 COIN ($11.5 million) from three funds, continuing its selling streak for Coinbase shares. The Innovation ETF sold 65,297 shares ($9.1 million), the Next Generation Internet ETF sold 15,502 shares ($2.2 million), and the Fintech Innovation ETF sold 1,456 shares ($203,000). These sales follow previous disposals of $1.9 million worth of COIN on Monday and $100 million in Coinbase shares last week as Ark rebalances its fund weightings.
Coinbase Stock Performance
As of market close on Tuesday, Coinbase stock was trading at $139.62. It has decreased by around 2% over the past five days but has seen a nearly 50% increase for the month. However, the stock remains over 60% below its all-time high of $342.98 reached during the peak of the last crypto bull market in November 2021.
Current Valuation
According to The Block’s data dashboard, Coinbase is currently valued at $26 billion.
Hot Take: Ark Invest Continues to Offload Coinbase Shares
Cathie Wood’s Ark Invest continues to sell off its holdings of Coinbase shares, with further tranches being offloaded this week. This selling streak comes as Ark rebalances its fund weightings and adjusts its portfolio. Despite the recent decrease in value and remaining significantly below its all-time high, Coinbase remains a major player in the crypto market with a valuation of $26 billion. It will be interesting to see how Ark Invest’s divestment from Coinbase impacts both companies in the long run.
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