Coinspeaker
Cathie Wood’s Ark Invest Divests $15M Worth of Coinbase Stock

On Tuesday, May 7, Cathie Wood’s Ark Investment Management divested more than $15 million worth of Coinbase Global Inc (NASDAQ: COIN) stock totaling to 70,616. This offloading has happened across different ETF funds operated by Ark Investments.

According to the latest trade filing, the investment firm led by Cathie Wood divested 45,915 shares valued at $9.8 million from its Innovation ETF (ARKK), 17,755 shares worth $3.8 million from its Next Generation Internet ETF (ARKW), and 6,946 shares amounting to $1.5 million from its Fintech Innovation ETF (ARKF).

This is the first time in nearly a month that Ark sold a significant amount of its Coinbase stock holdings. Last month on April 11, the company had offloaded $20.4 million worth of COIN stock. Later, on April 15, the ARKW fund sold a small amount of Coinbase shares worth less than $1 million.

The Coinbase (COIN) share has been one of the top-performing stocks on Wall Street throughout 2024, and even during the first quarter of 2024. Since the beginning of 2024, the COIN stock price has already rallied by 36%. Ark Invest has been periodically divesting its Coinbase holdings at every rise. As of Tue...