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ARK Invest Sells Another $5.52M in Coinbase Shares as COIN Surges 107% Since November

Jai Pratap
Last updated: | 1 min read
Coinbase
Source: Adobe / piter2121

Cathie Wood-led Ark Invest sold another 34,261 Coinbase shares worth $5.5 million on Tuesday as the price of the largest US-based crypto exchange’s shares topped $160, witnessing over 107% rise since early November.

COIN is already up 5% in the pre-market today.

Ark Invest had dumped $100 million worth of Coinbase shares earlier this month.

The latest sell-off of Coinbase shares by Ark Invest is in addition to the $59 million selling spree of the exchange’s shares last week.

Ark Invest sold 34,261 shares through its ARK Next Generation Internet ETF (ARKW).

On Tuesday, Ark also sold 121,100 shares of Robinhood, the retail-investor-centric trading platform, through its Ark Fintech Innovation ETF (ARKF).

The transaction was valued at $1.6 million as Robinhood shares registered an uptick, closing 10.4% higher at $13.17 for the day. This surge was notably linked to positive market momentum as Bitcoin continued to trade above $42,500.

As reported earlier, Ark sold 809, 441 Grayscale Bitcoin Trust (GBTC) shares worth $27.6 million from its Next Generation Internet (ARKW) exchange-traded fund (ETF) on Monday, the biggest sale in more than a year.