ARK Invest Sells Significant Coinbase Holdings

On Wednesday, when the shares of the Nasdaq-listed cryptocurrency exchange established a fresh peak after twenty months, ARK Invest, an entity owned by Cathie Wood, divested a significant portion of Coinbase (COIN).

A transaction value of $42.59 million, as determined by Coinbase’s most recent closing price of $150.46, resulted in the depletion of ARK’s holdings of ARK Next Generation Internet (ARKW) and ARK Innovation (ARKK) exchange-traded funds (ETFs).

This was accomplished through the sale of 283,104 shares. The company has sold coinbase shares with a combined value exceeding $150 million since December 5th.

The cost of COIN surpassed $150 on Wednesday, marking the highest level since April 2022; this represents an increase of over 7.7%.

ARK continues to maintain Coinbase as the leading asset on its list of the top ten assets the investment firm holds, despite recent sales reports indicating that it no longer comprises over ten percent of its portfolio.

Coinbase’s stock has risen by 325 percent thus far in 2015, significantly outperforming the most significant technology company and the S&P 500’s best performer, NVIDIA (NVDA).

A substantial contributor to the 226 percent increase in NVDA’s value has been the narrative surrounding artificial intelligence.

The investment firm additionally sold Grayscale Bitcoin Trust (GBTC) shares, contributing an estimated $1.63 million to its revenue.

Certain analysts think that the price of COIN could immediately reach $200, as the current price increase seems to be sustained.