On Monday, Cathie Wood-driven Ark Investing took a significant step by selling a large number of shares Coinbase Global Inc CURRENCYalso as Bitcoin Bitcoin/USD reached new all-time highs on the same day.
COIN trade(s).
The company sold a total of 270,365 shares through its flagship ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW AND Ark Fintech Innovation ETF ARKF on Monday. The transaction was valued at a whopping $68.71 million. On the same day, Coinbase shares closed down 0.95% at $254.17.
Ark Invest’s decision to divest Coinbase shares came amid a bullish trend in the cryptocurrency market. On the same day, Bitcoin surpassed the $70,000 mark, setting a new all-time high, while Ethereum also surpassed the $4,000 mark.
Last week, Ark Invest sold Coinbase shares as Bitcoin neared a new all-time high near $69,000. The sale coincided with a surge in Coinbase’s stock price, attributed to the rising value of Bitcoin. Coinbase previously encountered technical issues amid increased trading activity, prompting CEO Brian Armstrong to acknowledge exceeding traffic expectations.
See Also: Benzinga Bulls And Bears: Bitcoin, Nvidia, Tesla, Apple, And Why Crypto Analyst Predicts Dogecoin To Hit 67 Cents
Other key operations:
- Ark Invest bought shares of Spotify Technology SA STAIN and actions of SoFi Technologies Inc SOFI.
- The company also purchased shares of Pinterest Inc PINS. Ark Invest sold shares of StoneCo Ltd STNE.
Illustration by Benzinga using photo courtesy of Ark Invest.
Read next: Bitcoin vs. Ethereum vs. Shiba Inu vs. Doge: How much would you have now if you had invested $1,000 in each of the cryptocurrencies at the start of the current bull run
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