COIN

Generation

April

<p>Ark Invest, the renowned investment management firm led by Cathie Wood, has once again reduced its holdings in <a href="https://www.cryptopolitan.com/coinbase-rockets-to-new-heights-a-300-rally/" rel="noopener noreferrer nofollow">Coinbase</a>, selling $1.4 million worth of the cryptocurrency exchange’s shares on Monday. This move comes on the heels of last week’s significant divestment of $15 million in Coinbase stock when the price was at its highest level since April 2022.</p>
<h2 class="wp-block-heading" id="further-reductions-in-coinbase-holdings">Further reductions in Coinbase holdings</h2>
<p>Ark Invest sold a total of 10,218 Coinbase shares in its latest transaction, with 2,970 shares, valued at approximately $419,000, being offloaded from its Fintech Innovation ETF, and 7,248 shares, valued at $1 million, coming from its Next Generation Internet ETF. This follows the substantial sell-off last Thursday, when <a href="https://ark-funds.com/?utm_campaign=idt_fund_homepage&amp;utm_medium=email&amp;_hsmi=285178860&amp;_hsenc=p2ANqtz-_Ht4S9HiTaMWMIkbGgHxwLCJblOmGQrhtzZll5Zj-UzbARdsgkgy6GzYag-m0L6cFfwH9zDvnq9grK6owDomZY7M7HIg&amp;utm_content=idt_1242023&amp;utm_source=IDT" rel="noopener noreferrer nofollow" target="_blank">Ark</a> disposed of 37,377 Coinbase shares worth $4.7 million. Earlier in the same week, Ark had also sold $5.3 million and $4.9 million worth of COIN stock on Monday and Wednesday, respectively.</p>
<p>Coinbase’s stock price, trading at $138.05 in pre-market trading, has been on a remarkable upward trajectory, surging around 70% over the past month and posting a staggering 286% year-to-date gain. Despite these impressive gains, the stock still lingers more than 60% below its all-time high of $342.98, which was achieved during the peak of the crypto bull market in November 2021.</p>
<p>In contrast to its Coinbase divestments, Ark Invest has been actively acquiring shares in other fintech companies. The company purchased an additional 14,702 shares of Coinbase competitor Robinhood, valued at $140,000. This acquisition follows Ark’s $3 million investment in Robinhood shares just last week. These strategic investments coincide with Robinhood’s expansion efforts, including the introduction of commission-free stock trading in the UK and plans to expand its crypto trading services to the European Union in the near future.</p>
<h2 class="wp-block-heading" id="market-overview">Market Overview</h2>
<p>Ark Invest’s recent portfolio adjustments come as the cryptocurrency market experiences notable developments. Bitcoin, the leading cryptocurrency by market capitalization, briefly surged above the $42,000 mark, reaching levels not seen since the Terra ecosystem crash in May 2022. Bitcoin’s price surged by over 6% before experiencing a correction, ultimately settling at $41,691, representing a remarkable year-to-date increase of over 150%.</p>
<p>While <a href="https://www.cryptopolitan.com/hashdex-bitcoin-etfs-trading-timeline/" rel="noopener noreferrer nofollow">Bitcoin</a> dominated the headlines, the performance of other major cryptocurrencies was relatively subdued. Ether, the second-largest cryptocurrency by market cap, experienced a 4% gain, reaching a price of over $2,250. Binance Coin (BNB) recorded a 2% increase, while Solana’s price remained relatively flat.</p>
<p>Despite the varied performance of individual cryptocurrencies, the total cryptocurrency market capitalization exceeded $1.6 trillion for the first time since April 2022, signifying a resurgence in investor interest and market confidence.</p>

Ark Invest continues to trim Coinbase holdings amidst market surge

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