Cathie Wood’s Ark Invest sold an additional $4.7 million worth of Coinbase shares on Thursday, selling 37,377 COINs from the Ark Next Generation Internet ETF, according to the company’s latest trading filing. Yesterday’s sales brought the week’s total to about $15 million, following $10.2 million worth of Coinbase shares sold on Monday and Wednesday.
Ark previously sold 38,668 shares of Coinbase stock, worth about $4.9 million, from its Fintech Innovation ETF on Wednesday, and 43,956 shares, worth about $5.3 million, from its Next Generation Internet fund on Monday.
Coinbase stock is currently trading at $129.26 in pre-market trading, according to TradingView. This represents an increase of more than 70% in the past month and 242% since the beginning of the year, reaching the highest level since April 2022. However, the stock remains down more than 60% from its all-time high of $342.98, set at the height of the cryptocurrency bull market in 2021.
COIN/USD price chart. Image: TradingView.
Ark Invest also bought more than $3 million worth of Robinhood shares this week, coinciding with the fintech app’s international debut with commission-free stock trading in the UK. The fintech company is also planning to expand its cryptocurrency trading services to the European Union in the coming weeks.
Ark’s latest Coinbase stock sale comes at a time when Bitcoin is reaching new annual highs. Bitcoin is currently trading at $38,800, according to price data from The Block. The top cryptocurrency by market capitalization had a positive month, rising about 12% in November, following a 28% rise in October. It is currently up 134% since the beginning of the year.
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