Cathie Wood's ARK Invest, a leading investment management firm, conducted its third straight sale of Coinbase (COIN) shares this week, offloading an additional 37,377 shares worth approximately $4.7 million at Thursday's closing price.
ARK Invest Continues Selling by Disposing of $4.7 Million Coinbase (COIN) Shares
This latest sale follows previous divestitures on November 27 and November 29, adding to the total sale of nearly $15 million worth of COIN stock this week alone.
The sales were made through ARK's Next Generation Internet ETF (ARKW).
Coinbase's Nasdaq-listed shares rose to their highest levels since April 2022 at the beginning of the week, reaching $119.77 on Monday.
Despite closing down 2.43% at $124.72 on Thursday, COIN shares remain at 19-month highs.
ARK Invest's strategy generally involves accumulating shares of crypto-related assets during downtrends and strategically disposing of them when the market rebounds.
This approach allows the company to benefit from market movements and make profits.
*This is not investment advice.