Ark Invest Continues Selling Spree, Offloads $15 Million More in Coinbase Shares
In Brief
Ark Invest has continued its selling trend by offloading an additional 37,377 Coinbase shares, valued at $4.7 million.
Ark Invest led by Cathie Wood, has been actively reducing its stake in the popular cryptocurrency exchange Coinbase.
The investment firm sold off an additional $4.7 million in Coinbase shares this Thursday, as part of its broader strategy that saw around $15 million worth of Coinbase stocks divested throughout the week. These sales occurred through its Ark Next Generation Internet ETF, according to the firm’s latest trade filings.
This week’s sell-off included shedding 37,377 Coinbase shares on Thursday, following previous sales of 38,668 and 43,956 shares from its Fintech Innovation and Next Generation Internet funds on Wednesday and Monday, respectively. These earlier sales amounted to about $10.2 million, bringing the week’s total to the $15 million mark.
This selling streak by Ark Invest aligns with a significant uptick in Coinbase’s stock value. The shares are currently trading at $129.26 in pre-market trading, marking a substantial increase of over 70% in the past month and 242% year-to-date. Despite this impressive growth, Coinbase’s stock is still recovering from its peak in 2021, when it reached an all-time high of $342.98 during the crypto bull market.
Ark Invest’s Share Strategy
Simultaneously, Ark Invest has been diversifying its portfolio by acquiring over $3 million in Robinhood shares. This move coincides with the fintech app’s international launch in the UK and its impending expansion of crypto trading services to the European Union.
The broader cryptocurrency market including Bitcoin, mirrors this positive trend. Bitcoin has recently hit new yearly highs, currently trading at around $38,800. The flagship cryptocurrency has experienced consecutive months of growth, with a 12% increase in November following a 28% rise in October, bringing its year-to-date growth to 134%.
Ark Invest’s latest activities, particularly its divestment from Coinbase and investment in Robinhood, reflect a strategic shift in its approach to the evolving crypto market. These moves come at a time when the cryptocurrency sector is seeing renewed vigor and investor interest, highlighted by the significant gains in both individual cryptocurrencies and related stocks.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
