Ark Invest continues Coinbase selling streak, offloads $15 million for the week
Quick Take
- Ark Invest sold another 37,377 Coinbase shares yesterday — worth $4.7 million — following the $5.3 million and $4.9 million COIN stock it sold on Monday and Wednesday, respectively.
- Ark’s latest Coinbase share sales come at a time when COIN is trading at its highest level in 18 months.
Cathie Wood’s Ark Invest sold another $4.7 million worth of Coinbase shares on Thursday, offloading 37,377 COIN from its Ark Next Generation Internet ETF, according to the company’s latest trade filing. Yesterday’s sales follow the $10.2 million worth of Coinbase stock it sold on Monday and Wednesday — reaching around $15 million for the week.
Ark previously sold 38,668 Coinbase shares from its Fintech Innovation ETF on Wednesday — worth $4.9 million — and 43,956 shares from its Next Generation Internet fund on Monday — worth around $5.3 million.
Coinbase stock currently trades at $129.26 in pre-market trading, up more than 70% over the past month and 242% year-to-date, having reached its highest level since April 2022, according to TradingView. However, the stock remains over 60% down from an all-time high of $342.98 set during the peak of 2021’s crypto bull market.
COIN/USD price chart. Image: TradingView.
Ark Invest also picked up over $3 million worth of Robinhood shares this week, coinciding with the fintech app’s international debut with commission-free stock trading in the UK. The fintech firm is also set to expand its crypto trading services to the European Union in the coming weeks.
Ark’s latest Coinbase share sales also come at a time when bitcoin is reaching new yearly highs. Bitcoin is currently trading at $38,800, according to The Block’s price data. The top cryptocurrency by market cap had another positive month in November, up around 12%, following a 28% rise in October. It's now up 134% year-to-date.
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