Cathie Wood's Ark Invest sold approximately $25.3 million worth of Coinbase shares. This latest sale includes the divestiture of 145,048 Coinbase shares by the ARK Innovation ETF and the sale of 21,135 shares by the ARK Next Generation Internet ETF.
Ark Invest Continues Coinbase Share Sale: $25 Million in Shares Sold in Latest Transaction
Ark Invest's latest transaction filing adds to a string of new transactions that have seen the firm lose more than $200 million in Coinbase shares over the past few weeks.
This move reflects a strategic decision by Ark Invest to reallocate its portfolio in the face of changing market dynamics.
Despite the recent selloff, Coinbase's shares have experienced significant growth, closing at $152.24 on Wednesday, marking an impressive 300% gain over the past year.
Coinbase, a leading US-based cryptocurrency exchange, is gaining traction as a crypto asset custodian for traditional financial institutions.
Coinbase's strategic partnerships, including its role as custodian for BlackRock, a global investment management firm, have positioned it as a key player in the evolving landscape of digital assets.
As the cryptocurrency market undergoes dynamic changes and regulatory developments, institutional investors like Ark Invest are carefully managing their investments in digital assets.
*This is not investment advice.