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Ark Invest sells more Coinbase shares worth $25.3M

TL;DR

  • Ark Invest sold $25.3 million of Coinbase shares, continuing their recent selling trend.
  • Coinbase stock dipped 2.96% but has seen impressive 300% growth over the past year.
  • Coinbase plays a crucial role as a custodian for traditional financial firms, such as BlackRock, in cryptocurrency.

In a recent trade filing, Cathie Wood’s Ark Invest has continued its selling spree of Coinbase Global Inc. shares, disposing of an additional 166,183 shares, valued at approximately $25.3 million, on Wednesday. This move follows a series of recent sell-offs by the investment firm, which have already seen them offload over $200 million of Coinbase shares.

The latest trade filing revealed that the ARK Innovation ETF divested 145,048 shares of the cryptocurrency exchange, while the ARK Next Generation Internet ETF sold 21,135 shares on Wednesday. Given the significant reduction in their holdings, these actions have raised questions about Ark Invest’s long-term outlook on Coinbase.

Coinbase stock performance

Coinbase’s stock faced a decline on Wednesday, closing down 2.96% at $152.24. Despite this setback, the crypto exchange has demonstrated remarkable growth, surging over 300% in the past year. Such fluctuations in stock price are not uncommon in the volatile cryptocurrency market.

Coinbase has garnered attention for its stock performance and its role as a crypto asset custodian for traditional financial institutions. Among the notable names in this space is BlackRock, a global investment management firm. 

Coinbase as a custodian for traditional financial institutions

BlackRock and several other companies have submitted applications for spot bitcoin exchange-traded funds (ETFs), with Coinbase serving as a key player in the infrastructure necessary for these financial products.

Ark Invest’s continued sale of Coinbase shares, totaling $25.3 million in the latest transaction, has raised eyebrows in the investment community. Despite the recent dip in Coinbase’s stock price, the exchange has grown substantially over the past year. It plays a pivotal role as a crypto asset custodian for traditional financial institutions. 

The evolving landscape of cryptocurrency investments and the strategies adopted by prominent investment firms like Ark Invest will continue to be closely monitored by market participants.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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