Cathie Wood’s Ark Invest sold 204,469 Coinbase shares in three of its exchange-traded funds on Wednesday, worth $48.8 million, according to the company’s latest trading filing.
Of the nearly $50 million worth of COIN sold, it was Ark Invest that offloaded its Innovation ETF: some 174,326 shares worth $41.6 million at current prices. Ark yesterday also sold 13,490 shares ($3.2 million) of its Next Generation Internet ETF and 16,653 shares ($4 million) of its Fintech Innovation ETF.
In addition to the $31 million worth of Coinbase shares Ark sold on Monday and the $24 million worth of shares sold Tuesday, the investment management firm has sold more than $100 million worth of Coinbase shares so far this week.
Ark Invest also sold $45 million worth of Coinbase shares last week as it continues to rebalance its fund weightings amid a rising COIN price.
Coinbase stock was trading at $238.55 at market close Wednesday, up more than 10% on the day to its highest level since December 2021. according to TradingView. COIN is up 85% over the past month and 280% over the past year. However, it remains down 30% from the all-time high of $342.98, set during the November 2021 bull market peak.
COIN/USD price chart. Picture: Trading View.
Coinbase is currently valued at $44.4 billion, according to The Block’s data dashboard.
Earlier this week, Coinbase returned to the Apple App Store top 100 for the first time in two years as the price of Bitcoin neared all-time highs – despite temporary zero balance issues.
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