Even As Bitcoin Charts New All-Time Highs, Cathie Wood's Ark Invest Keeps Selling Coinbase Shares — Offloads $68.7M Worth Of Stock
On Monday, Cathie Wood-led Ark Invest made a significant move by selling a large number of shares in Coinbase Global Inc (NASDAQ:COIN), even as Bitcoin (CRYPTO: BTC) hit all-time new highs on the same day.
The COIN Trade(s)
The firm sold a total of 270,365 shares through its flagship ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF) on Monday. The transaction was valued at a whopping $68.71 million. On the same day, Coinbase shares closed 0.95% lower at $254.17.
Ark Invest’s decision to offload Coinbase shares came amid a bullish trend in the cryptocurrency market. On the same day, Bitcoin surged past the $70,000 mark, setting a new all-time high, while Ethereum also crossed the $4,000 mark.
Last week, Ark Invest sold Coinbase shares as Bitcoin approached a new all-time high near $69,000. The sale coincided with a surge in Coinbase’s stock price, attributed to rising Bitcoin values. Earlier, Coinbase experienced technical issues amid increased trading activity, prompting CEO Brian Armstrong to acknowledge exceeding traffic expectations.
Other Key Trades:
- Ark Invest bought shares of Spotify Technology SA (NYSE:SPOT) and shares of SoFi Technologies Inc (NASDAQ:SOFI).
- The firm also purchased shares of Pinterest Inc (NYSE:PINS). Ark Invest sold shares of StoneCo Ltd (NASDAQ:STNE).
Illustration by Benzinga using photo courtesy of Ark Invest.
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Posted-In: Bitcoin Bitcoin All-Time New High Cathie Wood ARK ETFs Cathie Wood Ark InvestCryptocurrency News Markets ETFs
