Ark Invest sells an additional $69 million worth of Coinbase shares in one day

Quick Take

  • Cathie Wood’s Ark Invest offloaded another 270,365 Coinbase shares on Monday — worth $68.7 million.
  • COIN has surged 10% over the past week to reach the highest level since December 2021.

Cathie Wood’s Ark Invest sold 270,365 Coinbase shares across three of its exchange-traded funds on Monday, worth $68.7 million, according to the company’s latest trade filing.

Of the total Coinbase stock sold, Ark Invest offloaded 171,154 shares ($43.5 million) from its Innovation ETF, 23,330 shares ($5.9 million) from its Next Generation Internet ETF, and 75,881 shares from its Fintech Innovation ETF ($19.3 million).

The amount sold is one of the largest in U.S. dollar terms offloaded in a single day and follows the $150 million worth of Coinbase shares Ark Invest sold last week as it continues to rebalance its fund weightings amid a surge in COIN’s price. Ark aims to let no individual holding take up more than 10% of an ETF's portfolio.

Coinbase stock traded for $254.17 at market close on Monday, up more than 10% over the past week, according to TradingView. COIN has gained 79% over the last month — and 350% over the past year — to reach the highest level since December 2021. However, the stock remains 26% down from an all-time high of $342.98, set in November 2021.

COIN/USD price chart. Image: TradingView.

Coinbase is currently valued at $47.3 billion, according to The Block’s data dashboard.

Despite the surge in its stock price as bitcoin reaches all-time highs, Coinbase Institutional claimed yesterday that the crypto market may encounter “macro headwinds” and “negative technical factors” in the coming weeks.


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About Author

James Hunt is a reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected].

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