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Cathie Wood's ARK Invest Offloads a Further $4.7M Worth of Coinbase Shares
COIN reached its highest level since April 2022 on Monday and remains at 19-month highs.
Cathie Wood's investment management firm ARK Invest has made its third sale of Coinbase (COIN) stock this week, dropping 37,377 shares worth almost $4.7 million at Thursday's closing price.
Along with sales on Nov. 27 and Nov. 29, ARK has sold around $15 million worth of COIN shares this week from its Next Generation Internet ETF (ARKW).
STORY CONTINUES BELOW
The crypto exchange's Nasdaq-listed shares reached their highest level since April 2022 at the start of the week, touching $119.77 on Monday. They fell 2.43% on Thursday to close at $124.72, but nonetheless remain at 19-month highs.
It is a frequent play of ARK Invest to accumulate crypto-related shares when they have seen a downward trend and then offload them when they turn bullish to bank some profits.
Read More: ARK Invest Sold $5M Worth of Grayscale Bitcoin Trust Shares Last Week
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
