Ark Invest Sells $43 Million in Coinbase Stocks

According to the latest trade filing, Cathie Wood’s Ark Invest sold more shares of Coinbase on Wednesday, with a total value of $42.6 million.

This is a part of the company’s weekly sales of $56 million and follows the disposal of $13.4 million worth of Coinbase shares on Monday and Tuesday.

In addition, the company has also sold $100 million worth of Coinbase shares in the previous week as it rebalances its fund weightings.

Despite the surge in COIN stock over the last month, the stock is still about 60% lower than its all-time high of $343 set in November 2020.

On Wednesday, Coinbase stock closed at $150.46, gaining 7.8% for the day. The stock has risen by 64% in the past month, the highest level since April 2022, according to TradingView data.

Ark also sold 45,864 shares of GBTC, worth $1.6 million, as GBTC’s discount to NAV reaches its lowest level since July 2021.