Cathie Wood's ARK Invest Offloads a Further $4.7M Worth of Coinbase Shares
COIN reached its highest level since April 2022 on Monday and remains at 19-month highs.
Dec 1, 2023 at 9:41 a.m. UTCUpdated Mar 8, 2024 at 5:52 p.m. UTC
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Cathie Wood's investment management firm ARK Invest has made its third sale of Coinbase (COIN) stock this week, dropping 37,377 shares worth almost $4.7 million at Thursday's closing price.
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The crypto exchange's Nasdaq-listed shares reached their highest level since April 2022 at the start of the week, touching $119.77 on Monday. They fell 2.43% on Thursday to close at $124.72, but nonetheless remain at 19-month highs.
It is a frequent play of ARK Invest to accumulate crypto-related shares when they have seen a downward trend and then offload them when they turn bullish to bank some profits.
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Jamie Crawley is a CoinDesk news reporter based in London.