Investment management firm ARK Invest, led by Cathie Wood, has sold 160,887 shares of Coinbase from its ARK Fintech Innovation exchange-traded fund for $13.5 million according to a report in Cointelegraph
This is the first sale of Coinbase stock for ARK in 2023, following three months of active buying. Despite the sale, ARK still holds nearly 1.6 million Coinbase shares valued at over $132 million.
Coinbase stock, which trades as COIN, has seen a significant surge in price, reaching multi-month highs, corresponding with a more positive trend in the cryptocurrency market, with Bitcoin also reaching $28500 multi-month highs.
On March 21st, Coinbase COIN stock closed at $83.99, hitting this price level for the first time since September 2022.
The stock has recovered more than 125% since the start of the year but is still down about 54% over the past 12 months.
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