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.
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