ARK Sells $42.6M Coinbase Shares as COIN Hits 20-Month High
Summary
ARK Invest, the investment firm led by Cathie Wood, sold 283,104 shares of Coinbase (COIN), valued at $42.59 million, as the shares reached a 20-month high. This sale subtracted from the holdings in its ARK Innovation (ARKK) and ARK Next Generation Internet (ARKW) ETFs. The firm has unloaded over $150 million worth of Coinbase shares since December 5. However, Coinbase still constitutes more than 10% of ARK’s portfolio and is the firm's top holding. Despite these sales, some observers expect Coinbase's rally could continue, possibly reaching $200 in the near future. Additionally, ARK Invest sold approximately $1.63 million shares of Grayscale Bitcoin Trust (GBTC).
