ARK Invest Sells $42.59 Million in Coinbase Stock!

author: Mustafa Mullah

Mustafa has been writing about blockchain and cryptocurrencies for several years. He has previous trading experience and has been working in the fintech industry since 2017.

December 14, 2023 14:37

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.