ARK Invest Sells $42.59 Million Worth of Coinbase Shares!

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Cathie Wood’s investment firm, ARK Invest, has sold a significant portion of its Coinbase (COIN) shares as the crypto exchange’s stock price hit a 20-month high on Wednesday. ARK offloaded 283,104 shares worth $42.59 million from its ARK Innovation and ARK Next Generation Internet ETFs. This marks over $150 million in Coinbase sales since December 5. Despite this, Coinbase still holds a 10% position in ARK’s portfolio and remains the firm’s top holding. COIN shares have surged by 325% this year, outperforming the S&P 500’s top performer and tech giant NVIDIA (NVDA). Some analysts predict that COIN’s price could reach $200 in the coming months.