Cathie Wood’s Ark Invest sold 204,469 Coinbase shares across three of its exchange-traded funds on Wednesday, worth $48.8 million, according to the company’s latest trade filing.
Of the nearly $50 million worth of COIN sold, Ark Invest offloaded the most from its Innovation ETF — some 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 yesterday.
In addition to the $31 million worth of Coinbase shares Ark sold on Monday and $24 million of the stock it sold on Tuesday, the investment management firm has offloaded over $100 million worth of Coinbase shares so far this week.
Ark Invest also sold $45 million worth of Coinbase stock last week as it continues to rebalance its fund weightings amid a surge in COIN’s price.
Coinbase stock traded at $238.55 at market close on Wednesday, up more than 10% for the day to reach 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 30% down from an all-time high of $342.98, set in the November 2021 bull market peak.
COIN/USD price chart. Image: TradingView.
Coinbase is currently valued at $44.4 billion, according to The Block’s data dashboard.
Earlier this week, Coinbase surged back into the Apple App Store top 100 for the first time in two years as bitcoin’s price approached all-time highs — despite encountering temporary zero balance glitches.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.