Ark Invest sells an additional $69 million worth of Coinbase shares in one day
Cathie Wood’s Ark Invest offloaded another 270,365 Coinbase shares on Monday — worth $68.7 million.COIN has surged 10% over the past week to reach the highest level since December 2021.
Of the total Coinbase stock sold, Ark Invest offloaded 171,154 shares ($43.5 million) from its Innovation ETF, 23,330 shares ($5.9 million) from its Next Generation Internet ETF, and 75,881 shares from its Fintech Innovation ETF ($19.3 million).
The amount sold is one of the largest in U.S. dollar terms offloaded in a single day and follows the $150 million worth of Coinbase shares Ark Invest sold last week as it continues to rebalance its fund weightings amid a surge in COIN’s price. Ark aims to let no individual holding take up more than 10% of an ETF's portfolio.
Coinbase stock traded for $254.17 at market close on Monday, up more than 10% over the past week, according to TradingView. COIN has gained 79% over the last month — and 350% over the past year — to reach the highest level since December 2021. However, the stock remains 26% down from an all-time high of $342.98, set in November 2021.
COIN/USD price chart. Image: TradingView .
Despite the surge in its stock price as bitcoin reaches all-time highs , Coinbase Institutional claimed yesterday that the crypto market may encounter “macro headwinds” and “negative technical factors” in the coming weeks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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