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Cathie Wood’s Ark Invest sells more Coinbase shares, offloads $11.5 million

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Cathie Wood’s Ark Invest sells more Coinbase shares, offloads .5 million
Equities • December 13, 2023, 4:43AM EST
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Cathie Wood’s Ark Invest sold further tranches of Coinbase shares on Tuesday, offloading 82,255 COIN ($11.5 million) from three funds as its selling streak for the asset continued, according to the company’s latest trade filing.

Ark sold 65,297 Coinbase shares ($9.1 million) from its Innovation ETF, 15,502 ($2.2 million) from its Next Generation Internet ETF and 1,456 ($203,000) from its Fintech Innovation ETF. These latest offloads follow the $1.9 million worth of COIN Ark sold on Monday and the $100 million in Coinbase share disposals last week as the firm rebalances its fund weightings.

Coinbase stock traded for $139.62 at market close on Tuesday, down around 2% over the last five days and up nearly 50% for the month, according to TradingView. However, the stock remains over 60% down from an all-time high of $342.98 set during the peak of the last crypto bull market in November 2021.

COIN/USD price chart. Image: TradingView.

Coinbase is currently valued at $26 billion, according to The Block’s data dashboard.

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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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