Ark Invest sells an additional $69 million worth of Coinbase shares in one day
Quick Take
- Cathie Wood’s Ark Invest offloaded another 270,365 Coinbase shares on Monday — worth $68.7 million.
- COIN has surged 10% over the past week to reach the highest level since December 2021.
Cathie Wood’s Ark Invest sold 270,365 Coinbase shares across three of its exchange-traded funds on Monday, worth $68.7 million, according to the company’s latest trade filing.
Of the total Coinbase stock sold, Ark Invest offloaded 171,154 shares ($43.5 million) from its Innovation ETF, 23,330 shares ($5.9 million) from its Next Generation Internet ETF, and 75,881 shares from its Fintech Innovation ETF ($19.3 million).
The amount sold is one of the largest in U.S. dollar terms offloaded in a single day and follows the $150 million worth of Coinbase shares Ark Invest sold last week as it continues to rebalance its fund weightings amid a surge in COIN’s price. Ark aims to let no individual holding take up more than 10% of an ETF's portfolio.
Coinbase stock traded for $254.17 at market close on Monday, up more than 10% over the past week, according to TradingView. COIN has gained 79% over the last month — and 350% over the past year — to reach the highest level since December 2021. However, the stock remains 26% down from an all-time high of $342.98, set in November 2021.
COIN/USD price chart. Image: TradingView.
RELATED INDICES
Coinbase is currently valued at $47.3 billion, according to The Block’s data dashboard.
Despite the surge in its stock price as bitcoin reaches all-time highs, Coinbase Institutional claimed yesterday that the crypto market may encounter “macro headwinds” and “negative technical factors” in the coming weeks.
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