Ark Invest, led by Cathie Wood, made another move in the market, selling off 34,261 shares of Coinbase valued at $5.5 million on Tuesday. This came as Coinbase’s stock surged, marking a remarkable 107% increase since early November.
The pre-market trading showed COIN already up by 5% today.
This recent sell-off follows Ark Invest’s earlier disposal of $100 million worth of Coinbase shares earlier this month. Additionally, last week, they engaged in a selling spree, offloading $59 million worth of the exchange’s shares.
The sale of 34,261 Coinbase shares occurred via Ark Invest’s ARK Next Generation Internet ETF (ARKW). Alongside this move, on Tuesday, Ark also shed 121,100 shares of Robinhood, the platform popular among retail investors, using its Ark Fintech Innovation ETF (ARKF). The transaction, valued at $1.6 million, coincided with Robinhood’s shares rising by 10.4% to close at $13.17, partly influenced by Bitcoin maintaining its value above $42,500.
Recently, Ark made headlines for selling 809,441 Grayscale Bitcoin Trust (GBTC) shares, amounting to $27.6 million, through its Next Generation Internet (ARKW) exchange-traded fund (ETF) on Monday. This marked the largest sale in over a year for the company.
