In light of Coinbase’s recent rise to a 20-month high, ARK Invest, the investment firm owned by Cathie Wood, offloaded a sizable portion of the company. Based on Coinbase’s most recent close of $150.46, ARK sold 283,104 shares for $42.59 million, depleting holdings from its exchange-traded funds (ETFs), ARK Innovation (ARKK) and ARK Next Generation Internet (ARKW). The company has sold more than $150 million in
For the first time since April 2022, COIN exceeded $150 on Wednesday, rising more than 7.7%. Coinbase continues to hold the top spot on the investment firm’s list of top 10 holdings and makes up over 10% of ARK’s portfolio, despite recent sales.
This year, Coinbase’s stock has increased by 325%, outpacing the best-performing stock in the S&P 500 and tech behemoth NVIDIA (NVDA) by a wide margin. The artificial intelligence story has been the primary driver of NVDA’s 226% gain. A total of 1.63 million shares of Grayscale Bitcoin Trust (GBTC) were sold by the investment firm.
Certain analysts believe that COIN’s upward trend is sustainable, and that prices may reach $200 in the upcoming months.