While Coinbase Share Prices Break Records, ARK Invest Continues to Sell: Here’s the Last Amount of Shares Sold

spot in the United States Bitcoin One of the 10 companies that issue exchange-traded funds (ETFs). ARK Investas the stock price rose above $270. coinbase receives profits from its shares.

ARK Sold $52 Million in Coinbase Shares as Stock Price Soared Above $270

The investment firm founded by Cathie Wood issued 133,533 shares of the ARK Innovation ETF (ARKK) worth approximately $35 million, based on Coinbase’s closing price of $262 on March 21, according to TradingView data.

ARK also issued 59,215 shares of its ARK Next Generation Internet ETF (ARKW) and another 6,778 shares of its ARK Fintech Innovation ETF (ARKF). The entire sale is valued at $52.3 million at the March 21 closing price.

The sell-off comes as Coinbase shares continue their steady growth, rising above $270 for the first time since December 2021. Coinbase shares briefly topped $276 on March 21, according to TradingView.

ARK’s latest Coinbase sale is one of its most significant in 2024 so far. The previous big sale occurred on March 11, when ARK sold 270,365 Coinbase shares.

On February 16, ARK sold 499,149 COIN shares from its three ETFs, making it the largest Coinbase sale of 2024 so far. That day, Coinbase shares traded around $190, 37% lower than the current price, according to data from TradingView.

At the time of this writing, Coinbase shares are up nearly 250% in the last six months.

ARK is actively divesting Coinbase shares in 2023 and early 2024. The company had purchased a large amount of Coinbase shares following its launch in 2021. The company prefers to sell because Coinbase shares have made a lot of profit and the profit weight in the investment basket has increased.

*This is not investment advice.