25 February, 2024

ARK Invest Continues Coinbase Stock Sell-Off, Surpassing $15 Million in a Week

3 months ago

13 Feb, 2024

  • Cathie Wood’s Ark Invest strategically sold an additional $4.7 million worth of Coinbase shares, bringing the total proceeds for the week to around $15 million.
  • Coinbase stock has experienced an impressive surge, trading up more than 70% in the past month and 242% year-to-date.
  • The sell-off is seen as a deliberate move within Ark’s broader investment strategy, Cathie remaining actively bullish on Bitcoin.

In a strategic move, Cathie Wood’s Ark Invest has marked its presence in the financial headlines once again by selling an additional $4.7 million worth of Coinbase (COIN) shares. The latest trade filing revealed that Ark Next Generation Internet ETF offloaded 37,377 COIN shares, following the substantial sales earlier this week. The total proceeds from Coinbase stock sales have now surged to around $15 million for the week.

This move follows the previous week’s transactions, where Ark Invest had sold $10.2 million worth of Coinbase shares on Monday and Wednesday. Despite the ongoing sell-off, Coinbase stock has been on an upward trajectory, currently trading at $129.26 in pre-market sessions. The stock has seen a remarkable surge of more than 70% in the past month and a staggering 242% year-to-date. However, it is noteworthy that Coinbase shares are still down by over 60% from their all-time high of $342.98 recorded during the peak of the 2021 crypto bull market.

While Ark Invest’s recent actions may raise eyebrows, it’s crucial to delve deeper into the broader investment strategy. The sell-off appears to be a deliberate move within Ark’s investment plan, as revealed by sources close to the matter.

Despite these sales, Cathie Wood remains actively bullish on Bitcoin and the crypto exchange Coinbase. The firm emphasized that these transactions are integral to their broader investment strategy, and it is clear that Wood’s confidence in the cryptocurrency market endures.

Analyzing recent market dynamics, the COIN price hit a 52-week high of $131.42, surging by 180% amid the ongoing crypto market recovery. Notably, Coinbase stock has soared by 65% in the past month, reaching its 52-week high. However, the stock closed 2.43% lower at $124.72 on Thursday.

Ark Invest’s move to offload over 30,000 COIN shares last month and more than 1.5 million shares in the quarter ending September 30 underscores their evolving investment strategy. As Ark Invest continues to navigate through these strategic moves, its funds are outperforming the Nasdaq 100 in November. The ARK Invest Innovation ETF (ARKK) gained 31% during the month, maintaining its position as one of the firm’s largest holdings, despite the ongoing changes in its portfolio.