- Cathie Wood’s Ark Invest company sold a total of 270,365 Coinbase shares from three exchange-traded funds on Monday, with a total value of $68.7 million.
- On Monday’s market close, Coinbase shares traded around $254.17 and recorded an increase of more than 10% during the past week, according to data.
- The stock is currently trading about 26% lower than its all-time high of $342.98 set in November 2021.
Cathie Wood’s Ark Invest is continuing to sell Coinbase shares amid the rising rally in the cryptocurrency market.
Ark Invest Selling More COIN Shares
Cathie Wood’s Ark Invest company sold a total of 270,365 Coinbase shares from three exchange-traded funds on Monday, with a total value of $68.7 million. They sold 171,154 shares ($43.5 million) from the Innovation ETF, 23,330 shares ($5.9 million) from the Next Generation Internet ETF, and 75,881 shares ($19.3 million) from the Fintech Innovation ETF.
The amount sold is one of the largest amounts sold in a single day, following the $150 million worth of Coinbase shares sold last week as part of Ark Invest’s efforts to rebalance fund weights during an increase in COIN prices. Ark aims not to have more than 10% of a single asset in an ETF’s portfolio.
On Monday’s market close, Coinbase shares traded around $254.17 and recorded an increase of more than 10% during the past week, according to data. COIN has seen a 79% increase in the last month and has surged 350% in the last year, reaching its highest level since December 2021. However, the stock is currently about 26% lower than its all-time high of $342.98 set in November 2021. Coinbase’s value is currently estimated at $47.3 billion according to available data.
What’s Next for Bitcoin Price?
Despite the increase in the stock price following Bitcoin reaching its all-time high, Coinbase Institutional suggested yesterday that the stock might face “macro headlines” and “negative technical factors” in the coming weeks in the crypto market.
