Cathie Wood’s Ark Invest sold another $1.4 million worth of Coinbase shares on Monday — offloading 10,218 COIN from two of its funds, according to the company’s latest trade filing. Yesterday’s sales follow the $15 million worth of Coinbase stock it sold last week when COIN is trading at its highest level since April 2022.

Ark sold 2,970 Coinbase shares ($419,000) from its Fintech Innovation ETF and 7,248 ($1 million) from its Next Generation Internet ETF. Ark previously sold 37,377 Coinbase shares ($4.7 million) on Thursday, following the $5.3 million and $4.9 million COIN stock it sold on Monday and Wednesday, respectively.

Coinbase stock trades at $138.05 in pre-market trading, up around 70% over the past month and 286% year-to-date, reaching its highest level in 20 months, according to TradingView. However, the stock remains over 60% down from an all-time high of $342.98 during the November 2021 peak crypto bull market.

COIN/USD price chart. Image: TradingView.

Ark adds more Robinhood shares

Ark Invest also picked up another 14,702 ($140,000) for its Fintech Innovation ETF, adding to the $3 million worth of Robinhood shares it bought last week. Ark’s Robinhood purchases coincide with the fintech app’s rollout of commission-free stock trading in the UK, with the firm also set to expand its crypto trading services to the European Union in the coming weeks.

Ark’s rebalancing comes as Bitcoin’s price briefly surged above $42,000 yesterday, returning to levels not seen since the Terra ecosystem crash in May 2022. Bitcoin jumped by more than 6% to reach the milestone before correcting and has now risen by over 150% year-to-date. The top cryptocurrency by market cap currently trades at $41,691, according to The Block's price data.

BTC/USD price chart. Image: The Block/TradingView.

Altcoin moves were more muted, with ether up 4% to more than $2,250, BNB rising 2% and Solana trading flat. However, the total cryptocurrency market cap still hit more than $1.6 trillion for the first time since April 2022.