Cathie Wood’s Ark Invest sells more Coinbase shares, offloads $11.5 million

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The Block2023/12/13 09:48

By:James Hunt

Ark Invest sold another 82,255 Coinbase shares on Tuesday — worth around $11.5 million — from three of its funds.Ark’s latest fund rebalancing follows the offloading of $1.9 million in COIN stock on Monday and $100 million last week.

Cathie Wood’s Ark Invest sells more Coinbase shares, offloads $11.5 million image 0

Cathie Wood’s Ark Invest sold further tranches of Coinbase shares on Tuesday, offloading 82,255 COIN ($11.5 million) from three funds as its selling streak for the asset continued, according to the company’s latest trade filing .

Ark sold 65,297 Coinbase shares ($9.1 million) from its Innovation ETF, 15,502 ($2.2 million) from its Next Generation Internet ETF and 1,456 ($203,000) from its Fintech Innovation ETF. These latest offloads follow the $1.9 million worth of COIN Ark sold on Monday and the $100 million in Coinbase share disposals last week as the firm rebalances its fund weightings.

Coinbase stock traded for $139.62 at market close on Tuesday, down around 2% over the last five days and up nearly 50% for the month, according to TradingView. However, the stock remains over 60% down from an all-time high of $342.98 set during the peak of the last crypto bull market in November 2021.

COIN/USD price chart. Image: TradingView .

Coinbase is currently valued at $26 billion, according to The Block’s data dashboard.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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