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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.
Updated Mar 8, 2024, 5:52 p.m. Published Dec 1, 2023, 9:41 a.m.
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).
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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
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