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Ark Invest sells more Coinbase shares as December offloads top $200 million

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Ark Invest sells more Coinbase shares as December offloads top 0 million
Equities • December 22, 2023, 3:20AM EST
Published 1 minute earlier on

Cathie Wood’s Ark Invest sold a further 80,118 Coinbase shares yesterday — worth $13.5 million — from two of its funds as the stock continued its December surge, according to the company’s latest trade filing.

Of the total offloaded on Thursday, Ark sold 68,769 Coinbase shares ($11.6 million) from its Innovation ETF and 11,349 ($1.9 million) from its Next Generation Internet ETF. 

Adding to the $108 million and $59 million worth of Coinbase shares Ark sold in the first and second weeks of December, respectively, plus the $30 million in COIN already offloaded this week, the investment management firm has now sold approximately $210.5 million worth of the stock this month.

Coinbase shares gain 60% in past month

Ark has continued to rebalance its fund weightings amid a surge in COIN’s price during December, gaining more than 60% over the past month. Coinbase stock closed at $168.03 yesterday, up 3.8% for the day. COIN reached $170.07 earlier on Thursday — the highest level since March 2022, according to TradingView. Coinbase shares have increased by more than 360% year-to-date, but the stock is still trading 51% below its November 2021 all-time high.

Coinbase is currently valued at just over $30 billion, according to The Block’s data dashboard.

Coinbase was granted approval by France’s markets regulator, AMF, yesterday, securing a virtual asset service provider license. The VASP registration will let the company offer custody of digital assets, buying or selling digital assets in legal tender and trading of digital assets against other digital assets in the country.

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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