Cathie Wood's ARK Invest Sheds Another $4.7M in Coinbase Shares

• ARK Invest Unloads Third Batch of Coinbase (COIN) Stocks
• ARK Invest's Sale of COIN Shares
• COIN share performance
• ARK Invest's Strategy
• Previous Deals

ARK Invest Unloads Third Batch of Coinbase (COIN) Stocks

ARK Invest, the renowned investment management company spearheaded by Cathie Wood, has executed its third sale of Coinbase (COIN) stocks this week. The firm let go of 37,377 shares valued approximately at $4.7 million based on Thursday's closing price.

ARK Invest's Sale of COIN Shares

These transactions follow two previous sales on November 27 and November 29, rounding ARK's sell-off to approximately $15 million worth of COIN stocks this week from its Next Generation Internet ETF (ARKW).

COIN share performance

Coinbase's shares listed on Nasdaq achieved their highest value since April 2022 at the onset of this week, peaking at $119.77 on Monday. Although there was a slight dip of 2.43% on Thursday, closing at $124.72, they still maintain their position at 19-month highs.

ARK Invest's Strategy

It is a common strategy observed within ARK Invest to amass crypto-related shares during periods of downward trend, and subsequently, offload them when the market turns bullish, effectively securing profits in the process.

Previous Deals

It was also noted that ARK Invest unloaded $5 million worth of Grayscale Bitcoin$42,260 -0.64% Trust shares just last week.

Edited by Jonathan Stoker