Ark Invest, the investment firm led by Cathie Wood, sold its stock after the Coinbase stock price hit a yearly high of $114.43 on Friday.
Ark Invest has sold 478,000 Coinbase shares worth $53 million across its three funds, the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).
Ark Invest has reduced its Coinbase holdings for the second time this week, after selling 135,000 shares for the first time in nearly a year on July 11. The company previously bought millions of dollars worth of Coinbase shares during the cryptocurrency bear market earlier this year.
Coinbase stock price closed at $105.31 on Friday, down 1.58% as investors took profits.
Meanwhile, Ark Invest continued to buy shares of Meta Platforms (META) and Robinhood Markets (HOOD).
Ark Invest added 69,793 Meta Platforms and 111,843 Robinhood shares to its ARK Innovation ETF (ARKK), and 12,559 Meta Platforms and 169,116 Robinhood shares to its ARK Next Generation Internet ETF (ARKW). The firm also purchased 111,843 Robinhood shares for the ARK Fintech Innovation ETF (ARKF).
*Not investment advice.
