Cathie Wood and her firm Ark Invest have reduced their stake in Coinbase by selling shares worth $43.8 million.
Overview of the Share Sale
Ark Invest sold a total of 124,892 shares of Coinbase, primarily through the ARK Innovation ETF, which offloaded 77,956 shares. Other funds involved in the sale include the ARK Next Generation Internet ETF and the ARK Fintech Innovation ETF.
Increase in Coinbase Stock Prices
Last week, Coinbase shares reached their highest mark since the company went public, closing at $375.07, up 42.12% over the past month. However, they dipped slightly to $350.49 by the end of Monday.
Ark Invest's Strategy in Crypto Investments
Ark Invest continues to actively manage its portfolio, which includes selling shares to realize profits during times of growth. This strategy allows the funds to effectively respond to changing market conditions and focus on other innovative opportunities.
The reduction of Ark Invest's stake in Coinbase reflects their approach to risk management and capital reallocation, which may influence further price fluctuations in the cryptocurrency market.
