In a significant move, Cathie Wood's Ark Invest dumped $45 million worth of Coinbase shares last week, according to the company's latest trading filing.
Cathie Wood's Ark Invest Sells $45 Million Worth of Coinbase Stock
The investment manager sold 217,305 Coinbase shares from its Innovation exchange-traded fund (ARKK), equivalent to $44.7 million at current market prices.
The decision to sell Coinbase shares follows a similar move the previous week, when Ark Invest divested $16 million worth of Coinbase shares.
Despite the selloff, Coinbase's shares are performing quite well. The stock traded at $205.77 at market close on Friday, marking a 22% weekly gain and a staggering 60% rise in the past month.
However, it's important to note that even with these gains, the stock remains 40% below its all-time high of $342.98, reached at the peak of the crypto bull market in November 2021.
In addition to divesting Coinbase shares, Ark Invest also divested $11.4 million worth of Robinhood shares from its Next Generation Internet (ARKW) and Fintech Innovation (ARKF) funds last week.
Shares of the stock and crypto trading app closed at $16.58 on Friday, marking a weekly gain of more than 12% and a 50% gain in the past month.
On Thursday, Robinhood's proprietary crypto wallet integrated token swaps on its Layer 2 network Arbitrum, increasing its support for Ethereum and Polygon-based exchanges, further solidifying its position in the market.
*This is not investment advice.
