Coinbase, the popular cryptocurrency exchange, has been hitting new highs in the stock market, prompting ARK Invest, the investment management firm led by renowned investor Cathie Wood, to sell off more of its shares in the company.
This marks the second time in a week that ARK Invest has divested a portion of its Coinbase holdings.
At the same time, Wood’s firm has been actively investing in other companies like Meta Platforms and Robinhood Markets.
Recent trading data obtained by Cointelegraph reveals that on July 14, ARK Invest sold a total of 478,356 Coinbase shares, valued at around $53 million.
This sale coincided with Coinbase’s 52-week high of $114.43 per share.
The transactions included the sale of 263,247 Coinbase shares by ARK Innovation ETF, 93,227 shares by ARK Next Generation Internet ETF, and 35,666 shares by ARK Fintech Innovation ETF.
In June, Wood’s firm initiated purchases of Meta Platforms shares following the announcement of the launch of Threads, a social media app similar to Twitter.
ARK Innovation ETF acquired 69,793 Meta shares, while ARK Fintech Innovation ETF purchased 111,843 shares of Robinhood.
READ MORE: Bitcoin Long-Term Holders Return as BTC Price Surges
Furthermore, ARK Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares.
As of Friday, according to CoinMarketCap, Coinbase’s closing stock price was $105.31, experiencing a 1.58% decline as investors took profits.
Throughout the week, the price surged by 33%, reaching a 24-hour high of $114.43, indicating a year-to-date increase of 213%.
Alongside the general upward trend in crypto-related stocks, Coinbase received a boost from a summary judgment in the United States Securities and Exchange Commission vs. Ripple lawsuit.
This recent sale by ARK Invest follows previous divestments.
On July 11, Wood’s ARK Innovation ETF sold 135,152 Coinbase shares worth $12 million, and in March, ARK Fintech Innovation ETF sold 160,887 Coinbase shares.
ARK Invest’s moves in the cryptocurrency and technology sectors continue to attract attention, and investors closely follow their investment decisions.
As the market dynamics evolve, it will be interesting to observe how ARK Invest adjusts its portfolio and identifies potential opportunities in the ever-changing landscape of digital assets and emerging technologies.
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