Cathie Wood’s ARK Fintech Innovation ETF sold Coinbase stocks worth $13.5 million. The sell-off is the first sizeable portion of the stock since July 2022.
ARK sold 160,887 shares of cryptocurrency exchange Coinbase (COIN), valued at $13.5 million. ARK had made a number of purchases of Coinbase stock during the “crypto winter.” However, in 2022, COIN’s performance lagged behind both Bitcoin and Ether, with its shares experiencing an 86% decline over the course of the year.
ARK recently acquired COIN in March, when it purchased over 350,000 shares. This comprised 301,437 shares allocated to its ARK Innovation ETF (ARKK) and 52,525 shares allocated to its ARK Next Generation Internet ETF (ARKW), collectively valued at $22 million.
COIN is up by 11.78% today and stands at $83.99 at press time. Coinbase’s stock has fluctuated in the range of $31.55 and $206.79 throughout the year.
The cryptocurrency market is exhibiting an upward trend, which has positively impacted the market value of several companies that operate within its periphery. Coinbase, which largely generates its revenue and profits from transaction fees, typically observes increased trading volume as a result of escalating token prices.
Recently, Coinbase ceased its assistance for Signet while reportedly providing support to Circle’s USDC stablecoin through a notable $3 billion bid to safeguard the coin.
Coinbase has been a vocal player during the increased scrutiny by the SEC of the cryptocurrency realm. The exchange’s CEO, Brian Armstrong, has also voiced his opinion on the exchange’s relationship with regulators around the world.
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Source: Cryptocurrency - investing.com
