Cathie Wood's Ark ETF sells $13m in Coinbase for the first time since July
Quick Take
- Cathie Wood’s Ark Invest sold its first large holding of Coinbase stock since July after months of buying the stock.
Cathie Wood's ARK Fintech Innovation ETF sold $13.5 million worth of Coinbase, the first time it has sold off a large chunk of the company's stock since July.
Ark sold 160,887 shares from its Ark Fintech Innovation ETF. This ends a months-long buying spree that that ramped up in November 2022. Earlier this month, Ark added almost $30 million in Coinbase shares, The Block previously reported. The fund is up 5% today and 33% year-to-date after dropping around 65% in 2022.
Coinbase shares were up 11% today, closing at $83.99, and almost 150% year-to-date.
Updated throughout with more details on the transaction.
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