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ARK Invest Sells Coinbase Shares
ARK Invest, a key player in the Bitcoin ETF market, recently decided to capitalize on the rising value of Coinbase shares. The investment firm, led by Cathie Wood, made significant moves in response to the surge in Coinbase’s stock price.
Details of the Sale
- On March 21, ARK Invest sold a total of 199,526 Coinbase shares from its ETFs.
- The ARK Innovation ETF (ARKK) divested 133,533 COIN shares, amounting to approximately $35 million.
- Additionally, shares were sold from the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF), bringing the total sale to $52.3 million.
Coinbase Stock Performance
Amidst ARK’s sell-off, Coinbase’s stock has been on a steady upward trajectory. The stock price surpassed $270 for the first time since December 2021, reaching a high of $276 on March 21.
Over the past six months, Coinbase shares have surged nearly 250% and are up by more than 50% year-to-date.
Other Stock Disposals by ARK
Aside from Coinbase, ARK has also been reducing its holdings in Square and Robinhood:
- 188,519 Square shares were sold generating $15.8 million.
- 93,002 Robinhood shares were unloaded, valued at approximately $2 million.
Cathie Wood’s Stance on Cryptocurrencies
Cathie Wood, a well-known advocate for Bitcoin and other cryptocurrencies, holds an optimistic long-term view on digital assets. She believes in Bitcoin’s resilience in the face of market volatility and regulatory challenges.
Wood’s bold predictions, including the expectation of Bitcoin reaching $500,000 by 2030, have garnered significant attention in the crypto community.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
