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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.

By Jamie Crawley
AccessTimeIconDec 1, 2023 at 9:41 a.m. UTC
Updated Mar 8, 2024 at 5:52 p.m. UTC
(Alpha Photo/Flickr)
(Alpha Photo/Flickr)
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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.

Along with sales on Nov. 27 and Nov. 29, ARK has sold around $15 million worth of COIN shares this week from its Next Generation Internet ETF (ARKW).

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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.

    Read More: ARK Invest Sold $5M Worth of Grayscale Bitcoin Trust Shares Last Week

    Edited by Sheldon Reback.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

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