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

On Monday, Cathie Wood-led Ark Invest made a significant move by selling a large number of shares in Coinbase Global Inc COIN, even as Bitcoin BTC/USD 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 ARKK, ARK Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF 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 SPOT and shares of SoFi Technologies Inc SOFI.
• The firm also purchased shares of Pinterest Inc PINS. Ark Invest sold shares of StoneCo Ltd STNE.

Illustration by Benzinga using photo courtesy of Ark Invest.

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