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ARK Invest Sells $13.5M Coinbase Shares After Steady Buying Streak
The crypto exchange's shares saw a five-day gain of 22.09%.
Growth investor Cathie Wood's ARK Invest sold 160,887 shares of crypto exchange Coinbase (COIN), worth $13.5 million, on Tuesday U.S. time.
During the crypto winter, ARK made a series of buys of Coinbase's stock. Throughout 2022, COIN underperformed both bitcoin and ether and its shares dropped 86% during the year.
STORY CONTINUES BELOW
ARK's most recent purchase of COIN was in early March, when the company acquired a total of over 350,000 shares of Coinbase, including 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet ETF (ARKW) valued at $22 million.
Year to date, COIN is up nearly 150% and closed the Tuesday trading day in the U.S. at $83.99. The stock is still down 54% over the last calendar year. It was listed in April 2021 at $342, and has only come close to rising over its listing price at the height of the bull market in November 2021.
Recently, ARK announced that it has raised $16 million for a new private crypto fund.
Read more: Cathie Wood’s Ark Raises $16.3M for New Private Crypto Fund
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
