ARKW - Cathie Wood's Ark Invest Sells Over $48M Worth Of Coinbase Shares Amid Steaming Bitcoin Rally — Seizes The Tesla Dip | Benzinga
In a significant move on Wednesday, Cathie Wood-led Ark Invest made headlines by selling a staggering $48.8 million worth of Coinbase Global Inc (NASDAQ:COIN) shares, even as Bitcoin (CRYPTO: BTC) continues to capture the market’s attention with its recent surge to new highs.
This strategic divestment coincided with the firm’s acquisition of over $11 million in shares of Tesla Inc (NASDAQ:TSLA), marking a pivotal day of trading for the investment firm.
The Coinbase Trade
The firm offloaded 204,469 shares of Coinbase across ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF), netting over $48 million in the transaction. Monday saw a 10.05% surge in Coinbase shares, which closed at $238.55.
Ark Invest’s decision to offload a substantial portion of its Coinbase holdings comes at a time when the cryptocurrency market, particularly Bitcoin, is experiencing unprecedented attention.
Ark has been offloading Coinbase shares at a fast clip even as Bitcoin and cryptocurrencies are in the spotlight. On Wednesday, the firm had offloaded $24 million worth of Coinbase shares. At the beginning of the week, on ...