Investment firm Ark Invest, led by Cathie Wood, executed a sale of Coinbase and Block shares totaling over $24 million, coinciding with significant growth in Coinbase's stock.
Ark Invest's Share Sales
Ark Invest sold 33,363 shares of Coinbase and 189,649 shares of Block, according to its latest trading report. The sell-off amounted to $12.5 million in Coinbase shares and $12.3 million in Block shares.
Record Performance of Coinbase Shares
Coinbase shares closed at $375.07, marking an all-time closing high with an increase of 5.54% for the day. Over the past five days, shares have surged more than 27%, and since the beginning of the year, they are up 51%.
Crypto Regulation in the U.S.
The strong performance of Coinbase stock is supported by positive news regarding crypto regulation in the U.S. The passage of the GENIUS stablecoin bill in the Senate and its advancement to the House of Representatives has created a favorable market atmosphere.
Despite the sell-off, Ark Invest continues to support Coinbase shares. Investors remain vigilant regarding market conditions and regulatory developments.
