ARK Invest Sells Coinbase Shares for Third Straight Day
Summary
ARK Invest, led by Cathie Wood, has sold Coinbase (COIN) stock for the third consecutive day, in total offloading 82,255 shares worth around $11.5 million. This follows the firm's policy to maintain a maximum weight of any company in its holding to 10%, and the recent increases in Coinbase's stock mean it exceeds this rate, despite recent withdrawals. Throughout this month, ARK Invest has sold over $120 million of Coinbase shares, based on closing prices. Coinbase's stock has been rising alongside Bitcoin, the largest cryptocurrency by market cap, which has increased about 150% this year.
