Ark Invest takes advantage of Coinbase’s COIN surge to take profits:
- Ark Invest recently sold a massive amount of Coinbase stock.
- Coinbase stock reaches its highest level since April 2022.
- Coinbase is valued at $27.3 billion.
Ark Invest, led by Cathie Wood, recently unloaded a significant portion of its stake in Coinbase.
Over the past 7 days, Ark has sold 335,860 shares of Coinbase for a total of approximately $49.2 million, in addition to the $59 million worth of COIN shares sold earlier last week.
The sales included shares from various ETFs, including Fintech Innovation, Next Generation Internet, and Innovation ETF, bringing the total sale to approximately $108.2 million.
It is worth noting that these sales occurred as Coinbase’s stock reached its highest price since April 2022.
Massive profit-taking before replenishing funds?
Coinbase, currently valued at $27.3 billion, saw its stock close at $146.62, up 7.7% for the day and over 300% year-to-date.
However, the stock price remains 57% below its historical peak in November 2021, during the last cryptocurrency market peak.
At the same time, Ark Invest also sold shares of the Grayscale Bitcoin Trust as the price of Bitcoin exceeded $44,000 before experiencing a correction, dropping as much as 10% on certain exchanges before rebounding.
It is not unlikely that the funds recovered from these massive sales will be used to diversify Ark Invest’s investment portfolio or seize new strategic opportunities in the market.
