The well-known asset management firm led by Cathie Wood, Ark Invest, has recently decided to sell a significant portion of its shares in Coinbase, the popular cryptocurrency exchange. This is the second time this week that Ark Invest has reduced its shake in Coinbase.
Initially, Ark Invest acquired a large number of Coinbase shares when the market was experiencing a decline. However, with Coinbase’s stock price now reaching a 52-week high, the firm has chosen to sell some of its holdings.
Interestingly, Cathie Wood, a prominent supporter of Bitcoin, has been actively investing in other companies such as meta platforms and Robinhood markets
On July 14, after carefully analyzing the trading information, Ark Invest sold a total of 478,356 Coinbase shares, which amounted to approximately $53 million. It’s important to note that this sale coincided with Coinbase’s stock price reaching its highest point of the year at $114.43.
During these transactions, Ark Invest’s flagship fund, ARK Innovation ETF, sold 263,247 COIN shares. The ARK Next Generation Internet ETF sold 93,227 shares, and the ARk Fintech Innovation ETF sold 35,666 shares of Coinbase.
On July 11, Cathie Wood’s ARK Innovation ETF sold 135,152 shares of Coinbase, valued at $12 million. Furthermore, in March, the ARK Fintech Innovation ETF (ARKF) divested 160,887 shares of Coinbase.
