Cathie Wood’s investment management firm, Ark Invest, has sold a significant amount of Coinbase shares this week, totaling over $100 million. According to the company’s trade filing, Ark Invest sold 204,469 Coinbase shares across three of its exchange-traded funds on Wednesday.
Details of the Sale
- The majority of the shares were sold from Ark Invest’s Innovation ETF, with 174,326 shares worth $41.6 million at current prices.
- Ark also offloaded 13,490 shares ($3.2 million) from its Next Generation Internet ETF and 16,653 shares ($4 million) from its Fintech Innovation ETF.
Continued Rebalancing
This sale follows Ark Invest’s previous sales of Coinbase stock earlier this week and last week as part of its ongoing efforts to rebalance its fund weightings. In total, the firm has offloaded more than $100 million worth of Coinbase shares in just a few days.
Coinbase Stock Performance
Coinbase stock has seen significant gains recently. At market close on Wednesday, it traded at $238.55, marking a more than 10% increase for the day and reaching its highest level since December 2021. The stock has experienced impressive growth over the past month and year:
- Up 85% over the past month
- Up 280% over the past year
However, despite these gains, Coinbase stock remains 30% down from its all-time high of $342.98 reached during the November 2021 bull market peak.
Current Valuation
According to The Block’s data dashboard, Coinbase is currently valued at $44.4 billion.
Coinbase’s Return to the Apple App Store Top 100
This week, Coinbase made a notable return to the Apple App Store’s top 100 rankings for the first time in two years. This resurgence can be attributed to bitcoin’s price approaching all-time highs. Despite encountering temporary zero balance glitches, Coinbase’s popularity among retail investors has surged.
Hot Take: Ark Invest Continues to Adjust Holdings in Response to Coinbase’s Performance 📈
Arc Invest’s recent sale of over $100 million worth of Coinbase shares demonstrates its active approach in managing its fund weightings. As Coinbase stock continues to perform well, it is natural for investment firms like Ark Invest to rebalance their holdings and take profits. This ongoing adjustment highlights the dynamic nature of the crypto market and the need for active portfolio management strategies.
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