Ark Invest resumes Coinbase selling spree, offloads $5.5 million more COIN

Cathie Wood’s Ark Invest resumed its Coinbase-shares selling spree yesterday, offloading 34,261 COIN ($5.5 million) from two funds as the stock reached new yearly highs, according to the company’s latest trade filing .

Ark sold 28,638 Coinbase shares ($4.6 million) from its Innovation ETF and 5,623 ($906,000) from its Next Generation Internet ETF, continuing to rebalance its fund weightings amid a surge in COIN stock over the past month. Ark also disposed of $59 million worth of Coinbase shares last week.

Coinbase stock traded for $161.16 at market close yesterday, up around 5% for the day, 66% over the past month and 342% year-to-date to hit its highest level since April 2022, according to TradingView. However, the stock remains around 53% down from its November 2021 all-time high of approximately $343.

According to The Block's data dashboard, Coinbase is currently valued at $28.5 billion.

 

Ark offloads $1.6 million worth of Robinhood shares

Ark also sold 121,100 Robinhood shares ($1.6 million) on Tuesday from its Fintech Innovation ETF, having previously bought $3.3 million worth of HOOD ahead of the fintech firm's crypto trading app launch in Europe this month.

Robinhood stock traded for $13.17 at market close yesterday — up 10% on the day, 65% over the past month and 59% year-to-date to also reach new highs for 2023, according to TradingView. However, the shares are still down around 76% from a peak of $55 set in August 2021.

Robinhood’s crypto trading app went live in the European Union on Dec. 7, with over 25 coins and tokens available to investors, including Bitcoin, Ether and Solana.