ARK Invest Sells $5.26M Coinbase Shares as Price Hits 19-Month High
Summary
ARK Invest, under Cathie Wood, sold approximately $5.26 million worth of Coinbase (COIN) shares as the cryptocurrency exchange reached a 19-month closing high on the Nasdaq market. The 43,956 shares sold mark the largest sale since July 25. Meanwhile, the Ark Fintech Innovation ETF also bought 143,063 shares of trading platform Robinhood (HOOD) valued at $1.2 million. This marks the fifth time in the month that ARK Invest bought HOOD shares. As a strategy, ARK Invest often buys crypto-related shares during a downward trend and sells them when they seem more bullish to secure profits.
