Cathie Wood’s Ark Invest sold $16 million worth of Coinbase shares last week
Quick Take
- Cathie Wood’s Ark Invest offloaded 96,435 Coinbase shares last week — worth around $16 million.
- Ark also sold $8.2 million worth of Robinhood shares over the past seven days.
Ark Invest offloaded 96,435 Coinbase shares across three of its exchange-traded funds last week, worth around $16 million, according to the company’s latest trade filing.
Of the total Coinbase shares sold over the past seven days, the investment management firm sold 54,307 shares ($9 million) from its Innovation ETF, 28,222 shares ($4.7 million) from its Next Generation Internet ETF, and 13,906 shares from its Fintech Innovation ETF ($2.3 million).
Ark has continued to rebalance its fund weightings amid a surge in COIN’s price, up more than 30% over the past month. However, COIN ended last week down more than 12%.
Coinbase stock traded for $165.98 at market close on Friday, down nearly 3% on the day, according to TradingView. The stock is up around 160% over the past year but remains more than 50% down from an all-time high of $342.98 set during the crypto bull market peak of November 2021.
COIN/USD price chart. Image: TradingView.
Ark’s latest sales come after Coinbase exceeded analysts’ forecasts for the fourth quarter, with the crypto exchange announcing revenues of $953.8 million, an increase from $629.1 million in the corresponding quarter of 2022.
RELATED INDICES
Ark Invest sells $8.2 million worth of Robinhood shares
Ark Invest also sold 565,491 Robinhood shares last week — worth around $8.2 million — from its Next Generation Internet and Fintech Innovation funds.
Shares in the stock and crypto trading app closed at $14.48 on Friday, increasing more than nearly 8% for the week and 30% over the past month.
HOOD/USD price chart. Image: TradingView.
In January, Robinhood listed all the new U.S. spot bitcoin ETFs for clients with retirement and brokerage accounts.
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