ARK Invest Offloads $24.3M More of Coinbase Shares: Cathie Wood's Move

• ARK Invest Divests from Coinbase for the Third Consecutive Day
• Details of the Sale
• ARK Invest Sells off Grayscale Bitcoin Trust Shares
• Further Developments in the Crypto Sphere

ARK Invest Divests from Coinbase for the Third Consecutive Day

ARK Invest, led by Cathie Wood, continued to offload its Coinbase (COIN) holdings on Wednesday, marking the third consecutive day of share sales. This comes despite the cryptocurrency exchange's share price hovering around a 19-month high. The disposal of approximately 180,422 shares could have generated about $24.3 million, given the closing share price of $134.63. The shares had previously spiked to $147.86 on Tuesday.

Details of the Sale

The sales were conducted through the ARKK Innovation, ARKW Next Generation Internet, and ARKF Fintech Innovation exchange-traded funds (ETFs), as reported in a recent statement. These funds are managed by the investment management firm ARK Invest.

ARK Invest Sells off Grayscale Bitcoin Trust Shares

In addition to the Coinbase shares, ARK Invest also divested from its holdings in Grayscale Bitcoin$42,260 -0.64% Trust (GBTC). The firm sold roughly 99,595 GBTC shares, which were valued at nearly $3.5 million based on Wednesday's closing price. GBTC shares showed a slight decline on Wednesday, losing 0.51% to close at $34.92.

Further Developments in the Crypto Sphere

In related news, Coinbase recently incorporated message-based cryptocurrency payments into its decentralized wallet, further expanding the platform's functionality.

Edited by Jonathan Stoker