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ARK Invest Sells $5.26M Coinbase Shares as Price Hits 19-Month High
The Ark Fintech Innovation ETF sold 43,956 COIN shares and bought $1.2 million worth of Robinhood stock on Monday.
Cathie Wood's ARK Invest sold about $5.26 million of Coinbase (COIN) shares Monday as the crypto exchange climbed to a 19-month closing high.
The Ark Fintech Innovation exchange-traded fund's (ETF) sale of 43,956 shares took place on the day COIN reached $119.77 on the Nasdaq market, the highest closing price since April 2022. The sale is the biggest since July 25, when the ARK Next Generation Internet ETF dumped more than 53,000 COIN shares, albeit at a lower price and for a lower total value.
STORY CONTINUES BELOW
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The Ark Fintech Innovation ETF also bought 143,063 shares of trading platform Robinhood (HOOD), a value of $1.2 million at Monday’s closing price, according to an emailed statement. It was ARK Invest's fifth HOOD purchase this month.
ARK Invest often loads up on crypto-related shares when they have experienced a downward trend and sells them as they look more bullish to bank some profits.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
