Ark Invest’s Coinbase selling spree exceeded $100 million last week
Quick Take Ark Invest offloaded another 335,860 Coinbase shares on Friday — worth around $49.2 million — following the $59 million in COIN it sold earlier last week. Ark also sold more GBTC shares on Friday, offloading 102,672 ($3.7 million) as bitcoin rose above $44,000 before today’s correction.
Ark Invest’s Coinbase selling spree exceeded $100 million last week after offloading another 335,860 COIN ($49.2 million) on Friday, according to the company’s latest trade filing .
Cathie Wood’s investment management firm sold 6,578 Coinbase shares ($963,000) from its Fintech Innovation ETF, 2,367 ($347,000) from its Next Generation Internet ETF and 326,925 ($47.9 million) from its Innovation ETF.
Adding to the $24.3 million worth of COIN it sold on Wednesday, $33.3 million on Tuesday and $1.4 million on Monday, Ark unloaded a total of $108.2 million in Coinbase shares from its funds last week as the stock reached its highest price since April 2022. Ark Invest had sold $15 million worth of Coinbase shares in the prior week as well.
Coinbase stock traded for $146.62 at market close on Friday, up around 7.7% on the day and more than 300% year-to-date, according to TradingView. However, the stock remains 57% down from an all-time high of $342.98 set during the peak of the last crypto bull market in November 2021.
Coinbase is currently valued at $27.3 billion, according to The Block’s data dashboard.
Ark sold more Grayscale Bitcoin Trust
Ark also sold more Grayscale Bitcoin Trust (G BTC -2.82% ) shares on Friday, offloading 102,672 ($3.7 million) as bitcoin rose above $44,000 before today’s correction.
GBTC shares traded for $35.51 at market close on Friday, having gained around 5% on the day and 332% year-to-date, according to TradingView.
GBTC daily trading volume hit $131 million on Friday, again significantly down from a peak of $1.5 billion in 2021, according to The Block’s data dashboard.
Ark’s Friday sales coincided with the price of bitcoin breaking above $44,000 until today’s correction saw it fall as much as 10% on some exchanges before rebounding. Bitcoin is up around 1.6% over the past week and 165% year-to-date, according to The Block’s price data . Bitcoin is currently trading for around $42,350.
Today’s volatility resulted in the liquidation of more than $94 million in bitcoin positions, with the majority ( $85 million ) being longs, contributing to a total of $360 million in liquidations across various exchanges, according to CoinGlass data .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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