Cathie Wood’s Ark Invest offloaded $45 million worth of Coinbase shares last week

Investment manager Ark Invest offloaded 217,305 Coinbase shares from its Innovation exchange-traded fund (ARKK) last week, worth $44.7 million at current prices, according to the company’s latest trade filing.

Some 86,298 Coinbase shares, worth over $17 million, were sold from the fund on Wednesday alone as Ark Invest continued to rebalance its fund weightings amid the surge in COIN’s price this month. Ark also offloaded $16 million worth of Coinbase stock the week before last.

Coinbase stock traded for $205.77 at market close on Friday, up 22% for the week and 60% over the past month, according to TradingView. The stock has gained over 150% in a year but remains 40% down from an all-time high of $342.98 set during November 2021’s last crypto bull market peak.

COIN/USD price chart. Image: TradingView.

Coinbase stock hits multi-month highs despite heavy web traffic causing a temporary platform glitch

On Wednesday, COIN closed above the $200 mark for the first time since January 2022 — despite heavy web traffic causing a temporary $0 balance glitch on the crypto exchange as daily trading volume more than doubled to over $8.6 billion.

Coinbase is currently valued at $38.3 billion, according to The Block’s data dashboard.

Ark Invest sells $11.4 million worth of Robinhood shares

Ark Invest also offloaded 686,864 Robinhood shares from its Next Generation Internet (ARKW) and Fintech Innovation (ARKF) funds last week — worth around $11.4 million.

Shares in the stock and crypto trading app closed at $16.58 on Friday, gaining more than 12% for the week and 50% over the past month, per TradingView.

HOOD/USD price chart. Image: TradingView.

On Thursday, Robinhood’s self-custodial crypto wallet integrated token swaps on the Layer 2 network Arbitrum in addition to prior support for Ethereum and Polygon-based swaps.