ARK Invest Sells Another $35 Million Worth of Coinbase Shares as Stock Gains Over 50% YTD
ARK Invest, known for its involvement in the spot Bitcoin exchange-traded fund (ETF) market, has decided to cash in on its Coinbaseshares as the price per share climbed above $270.
On March 21, ARK Invest sold a total of 199,526 Coinbase (COIN) shares from its ETFs as the exchange’s stock surged above $260.
The investment firm, founded by Cathie Wood, divested 133,533 COIN shares from the ARK Innovation ETF (ARKK), amounting to roughly $35 million based on Coinbase’s closing price of $262 on March 21.
Additionally, ARK sold 59,215 shares from the ARK Next Generation Internet ETF (ARKW) and 6,778 shares from the ARK Fintech Innovation ETF (ARKF), bringing the total sale to $52.3 million based on the closing price.
The move by ARK comes amidst Coinbase’s stock experiencing steady growth, surpassing $270 for the first time since December 2021.
On March 21, COIN briefly reached a high of $276, according to TradingView data.
As of now, Coinbase shares have surged nearly 250% over the past six months and are up by more than 50% year-to-date (YTD) .
ARK’s recent sale of Coinbase shares marks one of the most significant sell-offs in 2024.
The previous notable sale occurred on March 11, when the firm sold 270,365 Coinbase shares.
On February 16, ARK executed its largest Coinbase sale of the year so far, divesting 499,149 COIN shares across its three ETFs. At that time, Coinbase shares traded around $190, representing a 37% decrease compared to the current price.
ARK has been actively reducing its holdings of Coinbase shares since 2023 and early 2024.
The firm had initially accumulated a substantial number of COIN shares following the stock’s debut in 2021.
In addition to Coinbase, ARK has also been trimming
