On Tuesday, Cathie Wood-led Ark Invest made a significant move by offloading a substantial number of shares in Coinbase Global Inc COIN, despite Bitcoin BTC/USD reaching new all-time highs recently.
The COIN Trade
On Wednesday, Ark Invest sold a total of 106,000 Coinbase shares through flagship ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF. The transaction was valued at $27.15 million. Coinbase shares closed 0.8% higher at $256.14 for the day.
Interestingly, the sell-off came as Bitcoin charted new all-time highs reaching $72,953.72 this week. However, Coinbase shares were volatile on Tuesday following the company’s announcement of a proposed private offering. Coinbase intended to offer $1 billion worth of Convertible Senior Notes due 2030 in a private offering to institutional buyers.
Ark sold $68.7 million worth of Coinbase shares a day prior. Despite the continuous selling of shares from the cryptocurrency platform in recent days, Coinbase maintains its position as the top holding across all 126 Ark Invest ETF holdings, by weight.
See Also: Bitcoin Blasts Past $70,000, Ethereum Breaks $4K Barrier: What’s Driving Crypto Higher?
Other Key Trades:
- Ark Invest bought shares of Sea Ltd SE. The firm also purchased the stock of NU Holdings Ltd/Cayman Isl NU.
- Ark Invest added shares of Pinterest Inc PINS to its portfolio. The company sold shares of CRISPR Therapeutics AG CRSP.
- Ark Invest purchased shares of Moderna Inc MRNA.
Photo courtesy Benzinga YouTube and Unsplash
Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
