U - Cathie Wood's Ark Invest Sells $6.6M Worth of Coinbase Shares While Crypto Exchange Grapples With Massive Bitcoin Drain | Benzinga
On Wednesday, Cathie Wood-led Ark Invest made a significant move by selling over $6 million worth of Coinbase Global Inc (NASDAQ:COIN) shares, amidst a backdrop of nearly $1 billion in Bitcoin (CRYPTO: BTC) withdrawals that left Coinbase with its lowest reserve since 2015.
The Coinbase Trade
The firm sold 40,683 shares through ARK Innovation ETF (NYSE:ARKK) and Ark Fintech Innovation ETF (NYSE:ARKF) on Wednesday. The transaction was valued at $6.6 million. Coinbase shares closed 6.28% for the day at $162.41. In the after-hours trading, the shares rose 5.6% to $168.
Concerning the significant withdrawals of Bitcoin from Coinbase on the day, the exchange is now left holding 390,000 BTC, equivalent to approximately $20 billion, marking the lowest Bitcoin reserve level for Coinbase since 2015.
However, there’s no significant cause for concern as these funds are likely being transferred to establish new custodial wallets or support over-the-counter transactions, according to a ...