Ark Invest’s Coinbase selling binge hit $50 million last week after dumping a further 133,823 COIN ($20.6 million) on Friday, as per the company’s most recent transaction filing.
Cathie Wood’s investment management company sold 107,151 shares ($16.5 million) from its Innovation exchange-traded fund, 15,892 shares ($2.4 million) from its Next Generation Internet ETF, and 10,780 shares ($1.7 million) from its Fintech Innovation ETF, out of the total number of Coinbase shares offloaded on Friday.
Ark sold $50 million worth of Coinbase shares from its funds last week, in addition to the $25.3 million and $4.1 million worth of COIN it sold on Wednesday and Thursday. This was done despite the stock dropping about 10%.
After selling $200 million worth of Coinbase shares in December amidst a spike in the cryptocurrency’s price that saw a gain of more than 40% in the previous month, Ark has proceeded to realign its fund weightings.
According to TradingView, Coinbase’s stock was down almost 1% on the day at the close of business on Friday, trading at $153.98.
Although the stock has increased by more than 350% in the last year, it is still 55% below its all-time high of $342.98, which was reached in November 2021 during the height of the cryptocurrency bull market.
Also Read: Cathie Wood Expects Spot BTC ETF Approval As ‘Sell on News’
