Ark Invest, which stands out with its investments in companies in the crypto market, continues to sell Coinbase shares, which it has been doing for a while.
According to yesterday's filing, Cathie Wood's company sold another 26,743 COIN shares worth $4.1 million. The latest sales announcement follows a massive $25.3 million share sale this week.
In the last one-week period, Ark Invest removed more than $200 million worth of COIN shares from its ETF portfolio. In addition, the company removed all shares of Grayscale's Bitcoin-backed investment fund GBTC from its portfolio.
Latest situation on COIN stock
Shares of the public cryptocurrency exchange Coinbase started the new year in minus, falling by 10% this week to $ 155. On the other hand, the share price attracted attention in the last bullish wave with a 160% increase in value from October to its short-term peak of $187 last week.
Looking at the whole of 2023, Coinbase's shares gained 425% in value while benefiting very well from the demand for the cryptocurrency industry.
Ark Invest, one of the investment companies awaiting approval from the SEC for the issuance of Spot ETF, recently made a significant profit by selling COIN and GBTC shares in its portfolio. Some commentators predict that Cathie Wood is preparing for the spot Bitcoin ETF product with this sales policy.
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