Ark Invest, founded by Cathie Wood, sold $12.5 million worth of Coinbase shares as part of the firm’s investment strategy amid a record rise in stock prices.
Coinbase Shares Reach Record High
Coinbase's shares (COIN) closed at $375.07 on the Nasdaq, up 5.5% for the day and 40% for the month, according to Yahoo Finance. Earlier, shares had touched $382 before paring gains.
Ark Invest's Share Sales
Ark Invest took advantage of COIN's recent rally to sell $12.5 million worth of shares from its Ark Innovation ETF (ARKK). The firm also offloaded $12.3 million worth of shares in Block Inc.
Analysts Divided on COIN's Future
Following COIN's record close, analysts shared mixed opinions on its future. Investment analyst Andy Heilman stated that the weekly view is still bullish but warned that a pullback may occur. Crypto analyst Chad echoed Heilman’s sentiment, suggesting COIN’s current price may be overextended. Conversely, another analyst, Cantonese Cat, remarked that COIN still shows signs of potential growth.
Ark Invest's recent share sales amid Coinbase's record prices highlight ongoing activity in the cryptocurrency market and the varied opinions among analysts about future stock movements.
