tl;dr
Cathie Wood’s ARK Invest divested over $24 million in Coinbase stock as Bitcoin neared all-time highs, leading to a 5.2% dip in Coinbase’s stock value. Wood reduced her stake in Coinbase in response to the market’s bullish trend, with ARK selling off shares through various funds. The decision to sel...
Cathie Wood’s ARK Invest divested over $24 million in Coinbase stock as Bitcoin neared all-time highs, leading to a 5.2% dip in Coinbase’s stock value. Wood reduced her stake in Coinbase in response to the market’s bullish trend, with ARK selling off shares through various funds. The decision to sell came as Coinbase experienced operational issues due to increased platform traffic, and the surge in Coinbase’s stock value was fueled by partnerships with BlackRock and the Chicago Board Options Exchange. Despite bearish predictions from analysts, Coinbase’s stock remains about 50% below its all-time high from May 2021.
Cathie Wood’s ARK Invest divested over $24 million in Coinbase (COIN) stock this Monday, just as Bitcoin edged closer to its all-time highs. Consequently, Coinbase’s stock dipped 5.2% to close at $216.77 on Tuesday.
CATHIE WOOD’S ARK INVEST SELLS OFF COINBASE STOCK
ARK offloaded 110,896 shares in a deal worth approximately $24.03 million through the following funds:
- ARK Innovation ETF (ARKK)
- ARK Next Generation Internet ETF (ARKW)
- Ark Fintech Innovation ETF (ARKF)
In response to the market’s bullish trend, Wood began reducing her stake in Coinbase. Specifically, the ARKK's holding of Coinbase shares has almost halved since October 2023. The ETF owned roughly 7 million shares in October 2023. However, by Tuesday, the figure had dwindled to about 4 million amidst the stock’s approximate 175% rally during this period.
ARKK Coinbase Holding Source: Cathie’s Ark
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