Ark Invest Sells $24M in Coinbase Shares

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Cathie Wood’s investment firm, Ark Invest, has recently sold 149,780 shares of Coinbase stock worth $24.2 million from two of its funds, as the company’s stock reached new highs.

Specifically, 132,782 shares ($21.5 million) were sold from the Innovation ETF and 16,998 shares ($2.7 million) from the Next Generation Internet ETF.

Ark Invest is making adjustments to its portfolio following the recent surge in Coinbase’s stock price. In the past month, Ark has sold over $200 million worth of Coinbase shares.

Despite closing at $161.86 on Tuesday, which was a 0.4% increase from the previous day, the stock reached a yearly high of $169.45 on Wednesday before dropping by about 4.5%.

Over the past month, Coinbase shares have increased by 60% and by 344% year-to-date, according to TradingView. However, the stock is still significantly below its all-time high of around $343 in November 2021.