ARK Invest, an American investment management firm founded by Cathie Wood, has sold its Coinbase shares amid a sharp rise in their value.
On November 27, ARK Invest sold 43,956 shares of Coinbase (COIN) from its ARK Fintech Innovation ETF at a price of $119.7 per share for a total value of $5.3 million.
Coinbase shares hit an 18-month high after the world's largest cryptocurrency exchange, Binance, and its former CEO, Changpeng Zhao, pleaded guilty to money laundering and sanctions violations in the U.S. on November 21, 2023, Cointelegraph reported.
According to TradingView, Coinbase shares are up 168% over the past year and more than 220% since the start of 2023, but the price is still 70% below its all-time high of $319 in September 2021.
Cathie Wood's fund has sold Coinbase shares several times throughout 2023. In October, the ARK Next Generation Internet ETF sold 63,675 shares of Coinbase for $5.1 million, and in July, ARK sold $103 million worth of COIN shares for about $90 each.
It is worth noting that ARK Invest is actively selling other stocks related to cryptocurrency companies. For example, on November 24, investment firm Cathie Wood sold 94,624 shares of Grayscale Bitcoin Trust (GBTC) for about $3 million.
Nevertheless, Bloomberg analyst Eric Balchunas denied rumors on his X (Twitter) page that Cathie Wood was selling Bitcoin-related stocks to make room for its upcoming spot Bitcoin ETF, ARK Invest and 21Shares (ARKB).
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To be fair, ARK is not only selling cryptocurrency-related stocks, it is also buying them. On November 27, ARKF bought 252,421 shares of cryptocurrency banking app SoFi, bringing its total stake to 1.6 million shares. The company also bought shares of cryptocurrency investment app Robinhood for $1.1 million.
Read also: SIX teams up with DLT Finance, prepares to revolutionize crypto trading.
