VCYT - Cathie Wood's Ark Invest Dumps $17M In Coinbase Shares As The Exchange Grappled With Disruption Amid Bitcoin Rally | Benzinga
On Wednesday, Cathie Wood-led Ark Invest made a significant move by selling over $17 million worth of Coinbase Global Inc (NASDAQ:COIN) shares. This decision came as the cryptocurrency exchange faced technical difficulties, a situation unfolding amid the soaring valuations of digital assets like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
The Coinbase Trade
Ark Invest sold 86,298 Coinbase shares on Wednesday through its flagship ARK Innovation ETF (NYSE:ARKK). The transaction was valued at $17.33 million. For the day, Coinbase stock closed 0.8% higher at $200.80.
The sale came in the backdrop of the cryptocurrency trading platform’s outage on the same day. Coinbase experienced a significant disruption as Bitcoin reached new heights, touching $64,000.
Coinbase CEO Brian Armstrong acknowledged a significant increase in traffic, expressing regret for any inconvenience caused to users. Despite users encountering zero balances and transaction errors, Coinbase assured the safety of their assets and reported gradual improvements in trading by Wednesday afternoon, although ...