Coinbase shares were sold by Ark Invest yesterday, amounting to $5.5 million, marking a continuation of their selling trend.
According to the latest trade filing from the company, a total of 34,261 COIN shares were offloaded from two funds managed by Cathie Wood's Ark Invest. Specifically, 28,638 Coinbase shares valued at $4.6 million were sold from its Innovation ETF, while 5,623 shares worth $906,000 were sold from its Next Generation Internet ETF.
This selling activity is part of Ark's efforts to rebalance its fund allocations due to the recent surge in the value of COIN stock. Last week, Ark had already disposed of Coinbase shares amounting to $59 million.
As of the market's closing yesterday, Coinbase stock was valued at $161.16, experiencing a 5% increase during the day.
Over the past month, the stock has risen by 66%, and year-to-date, it has soared by 342%, reaching its highest level since April 2022.
However, despite this surge, the stock remains approximately 53% lower than its all-time high of nearly $343 in November 2021.
Furthermore, Ark also conducted sales of Robinhood shares, selling 121,100 shares valued at $1.6 million from its Fintech Innovation ETF on Tuesday.
This move follows Ark's earlier purchase of Robinhood shares worth $3.3 million before the fintech firm's launch of its crypto trading app in Europe this month.
At market close yesterday, Robinhood stock was priced at $13.17, registering a 10% increase for the day.
Over the past month, the stock has surged by 65%, and year-to-date, it has risen by 59%, marking new highs for 2023. Despite this recent uptick, the shares are still down approximately 76% from their peak value of $55 recorded in August 2021.
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