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ARK Sells $42.6M Coinbase Shares as COIN Hits 20-Month High
The firm has sold over $150 million worth of stake in COIN since Dec. 5.
Updated Mar 8, 2024, 6:41 p.m. Published Dec 14, 2023, 8:56 a.m.
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Cathie Wood’s investment firm, ARK Invest, offloaded a sizeable chunk of Coinbase (COIN) as the shares of the Nasdaq-listed crypto exchange rose to a 20-month high on Wednesday.
ARK sold 283,104 shares worth $42.59 million based on Coinbase’s last close of $150.46, draining holdings from its ARK Innovation (ARKK) and ARK Next Generation Internet (ARKW) exchange-traded funds (ETFs). The firm has sold over $150 million worth of Coinbase shares since Dec. 5.
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On Wednesday, COIN rose more than 7.7% to top $150 for the first time since April 2022. Despite recent sales, Coinbase still constitutes over 10% of ARK’s portfolio and retains the top spot on the investment firm’s list of top 10 holdings.
Coinbase shares have rallied by 325% this year, beating the S&P 500’s top performer and tech giant NVIDIA (NVDA) by a significant margin. NVDA has gained 226%, mainly on the back of the artificial intelligence narrative.
The investment firm also sold some $1.63 million shares of Grayscale Bitcoin Trust (GBTC).
According to some observers, COIN’s rally has legs, and prices could rise to $200 in the coming months.
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BofA survey flags dollar bearish bets at over a decade high. Here's what it means for bitcoin
BofA's February survey shows investor positioning in the U.S. dollar has fallen to its most negative level since at least early 2012.
Ano ang dapat malaman:
- Investors are more bearish on the U.S. dollar than ever, a positioning that has historically been a bullish tailwind for bitcoin because a weaker dollar tends to support risk assets.
- Since early 2025, bitcoin has developed an unusually positive correlation with the dollar, with their 90-day correlation reaching 0.60 even as both the dollar index and BTC have fallen.
- If this new link holds, a further dollar slide could hurt bitcoin, while a sharp dollar short squeeze and rebound could instead lift BTC.
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