Ark Invest Sells 12,077 Shares of Coinbase Stock

IconCryptoNewsTerminal Staff01 Aug, 2024

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Ark Invest Sells 12,077 Shares of Coinbase Stock

Ark Invest, led by Cathie Wood, sold 12,077 shares of Coinbase stock (ticker COIN) worth $2.7 million from its ARKW fund on July 31 (local time), according to Ark Invest Daily. The sale comes amid a broader decline in the cryptocurrency market, with Bitcoin and Ethereum both down more than 50% from their all-time highs. Coinbase, which operates a cryptocurrency exchange, has also seen its stock price decline significantly in recent months, falling from a high of $342 in November 2021 to $66.33 at the time of writing. It is not clear why Ark Invest decided to sell its Coinbase shares. However, the sale suggests that the firm is becoming more cautious about the cryptocurrency market.

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