On March 6, 2024, Ark Invest sold 204,469 shares of the cryptocurrency exchange Coinbase, with a total value of $48.8 million. This sale was part of a broader operation, during which shares worth approximately $100 million were liquidated over the course of a week. The transactions were conducted through several investment funds managed by Ark Invest, including the Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF, with a total sales volume over two days (March 4 and 5) amounting to $55 million.

Over the past month, the price of COIN shares has significantly increased, showing a nearly 100% growth, reflecting heightened interest in the asset amid the overall rise in the cryptocurrency market. At the time of writing, Coinbase shares were trading around $238.

This is not the first major sale of Coinbase shares by Ark Invest this year. Earlier, from February 19 to 26, the company disposed of 96,435 exchange shares, receiving approximately $16 million for them. These actions by Ark Invest may be part of a portfolio rebalancing strategy or a reaction to current market trends.

Such moves by large investors are closely monitored by market participants, as they may signal potential changes in industry outlooks or specific assets.