Crypto NewsNewsInvestment Company ARK Invest Continues Selling as Coinbase's Share Price Rises!

Investment Company ARK Invest Continues Selling as Coinbase's Share Price Rises!

ARK Invest, the investment firm managed by Cathie Wood, sold $45 million worth of Coinbase (COIN) shares.

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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.

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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.

Buradaki Yorumlardan Bildirim Al

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