In a continued divestment from Coinbase Global Inc., Cathie Wood’s Ark Invest executed the sale of 166,183 Coinbase shares on Wednesday, amounting to a total value of $25.3 million. This move marks the latest development in a series of sales targeting the cryptocurrency exchange.
According to the most recent trade filing by the firm, the ARK Innovation ETF disposed of 145,048 Coinbase shares, while the ARK Next Generation Internet ETF offloaded 21,135 shares on the same day. This divestment follows Ark Invest’s prior sale of over $200 million in Coinbase shares in recent weeks.
On Wednesday, Coinbase stock experienced a 2.96% decline, closing at $152.24. Despite this downturn, the stock has witnessed an impressive surge of over 300% in the past year.
Notably, Coinbase, a U.S.-based cryptocurrency exchange, has been chosen as the custodian for crypto assets by traditional financial institutions. Among these institutions is BlackRock, a key player in the financial industry and one of the firms actively seeking approval for spot bitcoin exchange-traded funds.
