Ark Invest Sold Almost 500,000 Coinbase Shares Last Week

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Last week, Cathy Wood’s asset management firm, Ark Invest, sold off almost 500,000 shares of the crypto company Coinbase which earned them an impressive $53 million.

Selling the shares through Ark Innovation ETF, Ark Next Generation Internet ETF, and Ark Fintech Innovation ETF–263,247, 93,227, and 121,882 shares respectively–was timed with the announcement by investment giants BlackRock and Fidelity of their intention to launch a Bitcoin-ETF.

These sales were made possible due to the unusually high stock prices, being traded at at $113 on the Nasdaq–a level not seen since 2022.

Ark Invest then reinvested their profits into Meta and Robinhood as reported by The Block.