The head of asset management firm ARK Invest, Cathie Wood, dumped nearly $13.5 million in shares of Coinbase, one of the largest cryptocurrency exchanges in the United States, in Tuesday’s trading session.
In terms of Tuesday’s trading session, Coinbase’s (COIN) share price rose by 11.78% and closed at $83.99. Meanwhile, the ARK Fintech Innovation ETF owned by Cathie Wood dumped 160,887 shares of Coinbase (COIN) for $13.5 million after the stock hit a 90-day high.
This was the biggest dump of Coinbase shares by Cathie Wood since July 2022. Due to the crypto winter, where Bitcoin hit a two-year low, Coinbase (COIN) stock plunged more than 85% last year.
Later, 2023 proved better for COIN share price as it has seen a rally of almost 150% so far.
Since the start of 2023, Coinbase shares (COIN) have been pumping as the cryptocurrency market has become bullish. The Bitcoin price recently crossed its biggest hurdle of $28K earlier this week. This leads the crypto exchange share in positive areas.
