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Home»ADOPTION NEWS»Ark Invest sold an additional $69 million worth of Coinbase stock in one day.
ADOPTION NEWS

Ark Invest sold an additional $69 million worth of Coinbase stock in one day.

By Crypto FlexsMarch 12, 20243 Mins Read
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Ark Invest sold an additional  million worth of Coinbase stock in one day.
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Cathie Wood’s Ark Invest sold 270,365 shares of Coinbase stock worth $68.7 million to three publicly traded funds on Monday, according to the company’s latest trading filing.

Of the total Coinbase shares sold, Ark Invest sold 171,154 shares ($43.5 million) in the Innovation ETF, 23,330 shares ($5.9 million) in the Next Generation Internet ETF, and 75,881 shares in the Fintech Innovation ETF ($19.3 million).

The sale is one of the largest amounts in USD terms offloaded in a single day and follows the $150 million worth of Coinbase shares sold last week as Ark Invest continues to rebalance its fund weights amid a surge in COIN prices. I lost. Ark aims to ensure that no individual holds more than 10% of their ETF portfolio.

Coinbase stock was trading at $254.17 at close of trading on Monday, according to TradingView. It is an increase of more than 10% from last week. COIN is up 79% over the past month and 350% over the past year, reaching its highest level since December 2021. However, the stock remains down 26% from its all-time high of $342.98 set in November 2021.

COIN/USD price chart. Image: TradingView.

Coinbase is currently valued at $47.3 billion, according to The Block’s data dashboard.

Despite the surge in Bitcoin’s stock price as it hit an all-time high, Coinbase Institutional yesterday argued that the cryptocurrency market could face “macro headwinds” and “negative technical factors” in the coming weeks. I did.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

James Hunt is a reporter for The Block, based in the United Kingdom. As a writer for The Daily newsletter, James also brings you up to speed on the latest cryptocurrency news every week. Before joining The Block in 2022, James spent four years in the industry as a freelance writer, contributing content to publications and cryptocurrency projects. James’ coverage ranges from Bitcoin and Ethereum to layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, modern NFTs and memecoins, regulatory environments, cryptocurrency company trading, and the immersive metaverse. It’s all-encompassing. You can reach James on Twitter or Telegram via @humanjets or email him at (email protected).
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