Cathie Wood's ARK Invest Offloads a Further $4.7M Worth of Coinbase Shares

Cathie Wood’s investment management firm ARK Invest has made its third sale of Coinbase (COIN) stock this week, dropping 37,377 shares worth almost $4.7 million at Thursday’s closing price.

Along with sales on Nov. 27 and Nov. 29, ARK has sold around $15 million worth of COIN shares this week from its Next Generation Internet ETF (ARKW).

The crypto exchange’s Nasdaq-listed shares reached their highest level since April 2022 at the start of the week, touching $119.77 on Monday. They fell 2.43% on Thursday to close at $124.72, but nonetheless remain at 19-month highs.

It is a frequent play of ARK Invest to accumulate crypto-related shares when they have seen a downward trend and then offload them when they turn bullish to bank some profits.

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2023-12-01 12:50