ARK Unloads $42.6M Coinbase Shares Amidst COIN's 20-Month Peak

• ARK Invest Sells Off Significant Coinbase Holdings
• ARK's History of Coinbase Sales
• Coinbase Shares Surpass S&P 500 Top Performer
• ARK Sells Grayscale Bitcoin Trust Shares
• Potential Upside for COIN

ARK Invest Sells Off Significant Coinbase Holdings

Cathie Wood's investment institution, ARK Invest, reportedly unloaded a substantial portion of its Coinbase (COIN) holdings as the crypto exchange's shares ascended to a 20-month high this Wednesday. This involved the sale of 283,104 shares, valued at $42.59 million, given Coinbase's closing price of $150.46. The withdrawals primarily stemmed from the ARK Innovation (ARKK) and ARK Next Generation Internet (ARKW) exchange-traded funds (ETFs).

ARK's History of Coinbase Sales

Since December 5th, the firm has liquidated over $150 million worth of Coinbase shares. This trend came even as COIN's share value grew by more than 7.7% to exceed $150 for the first time since April 2022. Despite such sales, Coinbase remains a significant constituent of ARK's portfolio, accounting for more than 10% and maintaining its position as the top holding.

Coinbase Shares Surpass S&P 500 Top Performer

ARK Sells Grayscale Bitcoin Trust Shares

ARK Invest also reduced its exposure to the Grayscale Bitcoin$42,260 -0.64% Trust (GBTC) by selling shares worth around $1.63 million.

Potential Upside for COIN

According to some market watchers, COIN's rally may still have momentum, with predictions of the price potentially climbing to $200 in the forthcoming months.

Edited by Jonathan Stoker