MRNA - Cathie Wood's Ark Invest Keeps Dumping Coinbase Shares Amid Bitcoin Crypto Buzz | Benzinga
On Tuesday, Cathie Wood-led Ark Invest made a significant move by offloading a substantial number of shares in Coinbase Global Inc (NASDAQ:COIN), despite Bitcoin (CRYPTO: BTC) reaching new all-time highs recently.
The COIN Trade
On Wednesday, Ark Invest sold a total of 106,000 Coinbase shares through flagship ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $27.15 million. Coinbase shares closed 0.8% higher at $256.14 for the day.
Interestingly, the sell-off came as Bitcoin charted new all-time highs reaching $72,953.72 this week. However, Coinbase shares were volatile on Tuesday following the company’s announcement of a proposed private offering. Coinbase intended to offer $1 billion worth of Convertible Senior Notes due 2030 in a private offering to institutional buyers.
Ark ...