ARK Invest Continues to Sell Coinbase Shares
Cathie Wood’s Ark Invest has sold an additional 34,261 shares of Coinbase, worth $5.5 million, as the price of the exchange’s shares continues to rise. This follows a previous sale of $100 million worth of Coinbase shares earlier this month and a $59 million selling spree last week. The latest sell-off was executed through Ark Invest’s ARK Next Generation Internet ETF (ARKW). Alongside the Coinbase sales, Ark also sold 121,100 shares of Robinhood, valued at $1.6 million. The surge in Robinhood shares was attributed to positive market momentum as Bitcoin remained above $42,500.
Hot Take: Ark Invest Continues to Cash Out on Coinbase
Ark Invest’s decision to sell off more shares of Coinbase suggests that the firm may be capitalizing on the significant rise in price since November. With Coinbase shares witnessing a 107% surge in value during this period, it seems like Ark Invest is taking advantage of the opportunity to cash out and secure profits. The continued selling spree indicates a lack of long-term confidence in the future prospects of Coinbase. As one of the largest US-based crypto exchanges, Coinbase’s performance and market trends will be closely watched by investors in the cryptocurrency industry.
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