Cathie Wood’s Ark Invest sold $59 million worth of Coinbase shares, $15 million of GBTC last week

Ark Invest’s Coinbase selling spree continued last week, offloading $59 million worth of shares after disposing of another 18,962 COIN ($2.8 million) on Friday, according to the company’s latest trade filing. Cathie Wood’s investment management firm sold 12,142 Coinbase shares ($1.8 million) from its Innovation ETF, 2,278 ($337,000) from its Next Generation Internet ETF and 4,542 ($672,000) from its Fintech Innovation ETF. Adding to the $42.6 million worth of COIN it sold on Wednesday, $11.5 million on Tuesday and $1.9 million on Monday, Ark unloaded a total of $58.8 million in Coinbase shares last week as it continues to rebalance its fund weightings amid a surge in COIN stock over the past month. Ark also disposed of $100 million worth of Coinbase shares in the prior week. Coinbase stock traded for $147.90 at market close on Friday — up around 4.5% for the week, 50% for the past month and more than 305% year-to-date to reach its highest price since April 2022, according to TradingView. However, the stock remains roughly 60% down from an all-time high of approximately $343 set during November 2021’s peak crypto bull market. Source