Ark Invest has sold over $13 million worth of Coinbase shares.
This is the first time the hedge fund is selling shares of the crypto exchange since July 2022.
Ark Invest Ends Its Coinbase Buying Spree
Cathie Wood’s Ark Invest sold 160,887 shares of crypto exchange Coinbase (COIN), worth $13.5 million, on Tuesday U.S. time. This is the first time the hedge fund is selling shares of the company in nearly a year.
Ark Invest has focused on purchasing COIN over the past few months as Coinbase has underperformed thanks to the ongoing bear market that has affected the prices of Bitcoin and other digital assets.
The shares of Coinbase are down by more than 54% over the past year, and Ark Invest has taken advantage of the dip to load up on the shares. The hedge fund’s most recent purchase of COIN was earlier this month, acquiring a total of over 350,000 shares of Coinbase, including 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet ETF (ARKW) valued at $22 million.
COIN’s performance has improved thanks to the ongoing rally by Bitcoin and the broader cryptocurrency market. COIN is up by roughly 150% year-to-date and was trading at $83.99 by the end of trading hours on Tuesday.
Ark Invest is one of the investment firms that has been very active in the cryptocurrency space. The fund recently raised $16 million for its new cryptocurrency fund called the Ark Crypto Revolutions Fund. Ark invest will use the funds to invest in cryptocurrency projects.