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Ark Invest Sells Additional Coinbase Shares Worth Over $5 Million

Top crypto investment firm Ark Invest, headed by prominent analyst Cathie Wood, has sold another batch of shares in Coinbase worth more than $5 million.

The Details of the Sale

According to regulatory filings, Ark Invest sold 34,261 Coinbase shares on Tuesday. At Coinbase’s current market price of around $160 per share , the sale amounted to roughly $5.5 million.

The sale came as Coinbase shares saw a 107% increase since early November, climbing over 5% in pre-market trading on the day of the sell-off.

This is the second Coinbase stock sale by Ark Invest this month. Earlier in December, the firm offloaded $100 million worth of Coinbase shares from its Ark Next Generation Internet ETF (ARKW).

Over the prior week, Ark Invest had also sold $59 million worth of Coinbase stock through ARKW.

Additional Crypto Sales

On the same day, Ark Invest sold 121,100 shares of Robinhood, worth around $1.6 million, from its Ark Fintech Innovation ETF(ARKF). This likely came as Robinhood shares jumped 10.4% to close at $13.17, boosted by Bitcoin’s rise above $42,500.

Ark Invest had also offloaded 809,441 shares of the Grayscale Bitcoin Trust (GBTC) valued at $27.6 million from ARKW on Monday. This marked the firm’s largest GBTC sale in over a year.

While Ark Invest’s recent Coinbase share sale may indicate a short-term dip in confidence, Wood has maintained a generally bullish outlook on cryptocurrencies and blockchain-linked companies.

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