ADPT - Cathie Wood's Ark Invest Sells Nearly $11.5M Worth Of Coinbase Shares As Bitcoin Crypto Rally Loses Steam | Benzinga
Cathie Wood-led Ark Invest made a notable move in the market by selling a significant portion of its Coinbase Global Inc (NASDAQ:COIN) shares on Tuesday. This decision comes as cryptocurrencies, including Bitcoin, experience a downturn, prompting a strategic shift in Ark Invest’s portfolio.
The Coinbase Trade
On Tuesday, Ark sold a total of 82,255 Coinbase shares worth $11.48 million through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). On the day Coinbase shares closed 1.2% higher at $139.62.
Ark Invest’s decision to reduce its holdings in Coinbase is particularly significant given the recent market trends. According to Benzinga’s coverage, Coinbase co-founder Fred Ehrsam and Ark Invest collectively offloaded over $14 million in COIN shares over 48 hours leading up to Tuesday. Until that time Ark had reported a sale of $100 million worth of COIN shares in December.
Ark’s moves seemingly align with the broader market sentiment where cryptocurrencies are facing a ...