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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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