Cathie Wood’s investment firm ARK Invest sold a significant portion of Coinbase (COIN) stock on Wednesday, sending the cryptocurrency exchange’s stock price to a 20-month high. ARK sold 283,104 shares worth $42.59 million in the ARK Innovation and ARK Next Generation Internet ETFs. This brings Coinbase’s revenue to over $150 million since December 5th. Nonetheless, Coinbase still holds a 10% stake in ARK’s portfolio and remains the company’s top holding. COIN stock has surged 325% this year, outperforming the S&P 500’s top performer and tech giant NVIDIA (NVDA). Some analysts predict that the price of COIN could reach $200 in the coming months.
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