TWLO - Cathie Wood's Ark Invest Sells Nearly $31M Worth Of Coinbase Shares Amid Searing Bitcoin Rally — Loads Up On Mark Zuckerberg's Meta Platforms | Benzinga
Cathie Wood-led Ark Invest sold nearly $31 million worth of Coinbase Global Inc (NASDAQ:COIN) shares as Bitcoin (CRYPTO: BTC) flirted with a new all-time high, nearing the $69,000 mark on Monday.
The Coinbase Trade
On Monday, Ark Invest sold 134,749 Coinbase shares through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $30.88 million. Coinbase shares shot up 11.4% to $229.15 in regular trading for the day and gained another 3.8% in the after-hours trading.
The upswing in the share prices was attributed to soaring Bitcoin prices, according to a prior report. Coinbase faced a significant recent outage amidst heightened traffic as Bitcoin hit the $64,000 mark, with users reporting incorrect balances. Despite preparations, CEO Brian Armstrong noted that the traffic exceeded the company’s expectations.
The Robinhood Trade
Alongside the Coinbase sale, Ark Invest also reduced its stake in Robinhood Markets Inc (NASDAQ:HOOD), another platform facilitating ...