Ark Invest resumes Coinbase selling spree, offloads $5.5 million more COIN
Quick Take
- Ark Invest sold another 34,261 Coinbase shares on Tuesday — worth around $5.5 million — following the $59 million in COIN it sold last week.
- COIN reached new yearly highs yesterday.
- Ark also offloaded Robinhood shares, selling 121,100 ($1.6 million).
Cathie Wood’s Ark Invest resumed its Coinbase-shares selling spree yesterday, offloading 34,261 COIN ($5.5 million) from two funds as the stock reached new yearly highs, according to the company’s latest trade filing.
Ark sold 28,638 Coinbase shares ($4.6 million) from its Innovation ETF and 5,623 ($906,000) from its Next Generation Internet ETF, continuing to rebalance its fund weightings amid a surge in COIN stock over the past month. Ark also disposed of $59 million worth of Coinbase shares last week.
Coinbase stock traded for $161.16 at market close yesterday, up around 5% for the day, 66% over the past month and 342% year-to-date to hit its highest level since April 2022, according to TradingView. However, the stock remains around 53% down from its November 2021 all-time high of approximately $343.
COIN/USD price chart. Image: TradingView.
According to The Block's data dashboard, Coinbase is currently valued at $28.5 billion.
RELATED INDICES
Ark offloads $1.6 million worth of Robinhood shares
Ark also sold 121,100 Robinhood shares ($1.6 million) on Tuesday from its Fintech Innovation ETF, having previously bought $3.3 million worth of HOOD ahead of the fintech firm's crypto trading app launch in Europe this month.
Robinhood stock traded for $13.17 at market close yesterday — up 10% on the day, 65% over the past month and 59% year-to-date to also reach new highs for 2023, according to TradingView. However, the shares are still down around 76% from a peak of $55 set in August 2021.
HOOD/USD price chart. Image: TradingView.
Robinhood’s crypto trading app went live in the European Union on Dec. 7, with over 25 coins and tokens available to investors, including Bitcoin, Ether and Solana.
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