The third sale of Coinbase (COIN) stock by Cathie Wood’s investment management company, ARK Invest, has occurred this week. At Thursday’s closing price, 37,377 shares, or nearly $4.7 million, were sold.
This week, ARK has sold about $15 million worth of COIN shares from its Next Generation Internet ETF (ARKW), in addition to sales on November 27 and 29.
The crypto exchange’s Nasdaq-listed shares hit $119.77 on Monday, the highest level since April 2022, at the beginning of the week. They closed at $124.72 on Thursday after falling 2.43%, but they are still at 19-month highs.
ARK Invest frequently plays the strategy of buying cryptocurrency-related shares during a bear market and selling them during a bull market to profit.