Ark Invest sells $43.8 million worth of Coinbase shares as stock trades near all-time high
Quick Take
- Ark Invest sold a total of 124,892 Coinbase shares, worth roughly $43.8 million, on Monday.
- Coinbase’s stock closed down 0.83% at $350.49 on Monday, remaining near its all-time closing high of $375.07 set last Thursday.
Cathie Wood's Ark Invest sold $43.8 million worth of Coinbase Global Inc. shares across three of its exchange-traded funds, as it continues to adjust its crypto-related stock exposure.
The company offloaded a total of 124,892 shares of Coinbase on Monday, according to its latest trading report. Specifically, the ARK Innovation ETF (ARKK) sold 77,956 Coinbase shares, and the ARK Next Generation Internet ETF (ARKW) shed 29,802. The ARK Fintech innovation ETF (ARKF) also sold 17,134 shares of the crypto exchange.
Coinbase (COIN) closed down 0.83% to $350.49 on Monday, according to Yahoo Finance data. It is up 42.12% in the past month and 41.16% year-to-date.
COIN closed at $375.07 on June 26, marking its highest daily close since it went public in April 2021. Coinbase shares have received a major boost from Circle's public market debut.
Analysts at research and brokerage firm Bernstein recently raised their price target for Coinbase to $510 from $310, citing improved earnings forecasts, emerging growth drivers, and an updated valuation framework.
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