ARK Sells $42.6M Coinbase Shares as COIN Hits 20-Month High
The firm has sold over $150 million worth of stake in COIN since Dec. 5.
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Cathie Wood
The firm has sold over $150 million worth of stake in COIN since Dec. 5.
The investment firm has sold the crypto exchange’s stock on all but two trading days this month.
Digital asset manager Grayscale’s bitcoin investment vehicle’s shares fell 8.6% Monday, reflecting the day’s 5.8% drop in bitcoin.
ARK has been consistently selling Coinbase stock in recent weeks. Friday’s is the largest sale since July, when it sold 480,000 shares worth $50.5 million at the time.
Coinbase shares fell on Wednesday from the 19-month high of $147.86 touched earlier in the week, closing at $134.63.
ARK sold a total of 237,572 COIN shares across three different ETFs: ARKK, ARKW and ARKF.
COIN reached its highest level since April 2022, rising to $130.31 on Wednesday.
The sale of 38,668 COIN shares from the Ark Fintech Innovation ETF follows a similar offload on Monday.
Wood said Gensler’s concerns that bitcoin is prone to market manipulation, one of the barriers to the approval of a spot BTC ETF in the U.S., belie his perfectly sound cryptocurrency knowledge.
The fund continues to sell GBTC as shares have rallied 235% this year, outperforming bitcoin and traditional risk assets.