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ARK Invest Sells $13.5M Coinbase Shares After Steady Buying Streak

On Tuesday (local time), the growth investor Cathie Wood’s ARK Invest sold 160,887 shares of the cryptocurrency exchange Coinbase (COIN), bringing in a total of $13.5 million.

ARK engaged in a number of stock purchases of Coinbase while the cryptocurrency market was in its winter season. COIN underperformed both bitcoin and ether throughout the entirety of 2022, resulting in a decline of 86% in the value of its shares.

The most recent purchase of COIN by ARK was made at the beginning of March. At that time, the company acquired a total of over 350,000 shares of Coinbase. This included 301,437 shares valued at $22 million for its ARK Innovation ETF (ARKK) and 52,525 shares valued at $22 million for its Next Generation Internet ETF (ARKW).

The price of COIN has increased by about 150% so far this year and ended the trading day on Tuesday in the United States at $83.99. The price of the stock has fallen by 54% over the course of the previous calendar year. It was first offered for sale in April 2021 at a price of $342, and since then, the only time it has come close to surpassing that price is in November 2021, at the peak of the bull market.

A recent announcement made by ARK stated that the company had successfully raised $16 million for a new private cryptocurrency fund.


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