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Even As Bitcoin Charts New All-Time Highs, Cathie Wood's Ark Invest Keeps Selling Coinbase Shares — Offloads $68.7M Worth Of Stock

Published 12/03/2024, 03:25
Updated 12/03/2024, 04:40
© Reuters.  Even As Bitcoin Charts New All-Time Highs, Cathie Wood's Ark Invest Keeps Selling Coinbase Shares — Offloads $68.7M Worth Of Stock
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Benzinga - On Monday, Cathie Wood-led Ark Invest made a significant move by selling a large number of shares in Coinbase Global Inc (NASDAQ:COIN), even as Bitcoin (CRYPTO: BTC) hit all-time new highs on the same day.

The COIN Trade(s)

The firm sold a total of 270,365 shares through its flagship ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF) on Monday. The transaction was valued at a whopping $68.71 million. On the same day, Coinbase shares closed 0.95% lower at $254.17.

Ark Invest’s decision to offload Coinbase shares came amid a bullish trend in the cryptocurrency market. On the same day, Bitcoin surged past the $70,000 mark, setting a new all-time high, while Ethereum also crossed the $4,000 mark.

Last week, Ark Invest sold Coinbase shares as Bitcoin approached a new all-time high near $69,000. The sale coincided with a surge in Coinbase’s stock price, attributed to rising Bitcoin values. Earlier, Coinbase experienced technical issues amid increased trading activity, prompting CEO Brian Armstrong to acknowledge exceeding traffic expectations.

See Also: Benzinga Bulls And Bears: Bitcoin, Nvidia, Tesla, Apple And Why Crypto Analyst Expects Dogecoin To Hit 67 Cents

Other Key Trades:

  • Ark Invest bought shares of Spotify Technology SA (NYSE:SPOT) and shares of SoFi Technologies Inc (NASDAQ:SOFI).
  • The firm also purchased shares of Pinterest Inc (NYSE:PINS). Ark Invest sold shares of StoneCo Ltd (NASDAQ:STNE).

Illustration by Benzinga using photo courtesy of Ark Invest.

Read Next: Bitcoin Vs. Ethereum Vs. Shiba Inu Vs. Doge: How Much You Would Have Now If You Had $1,000 Invested In Each Of The Crypto At Start Of Current Bull Run

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