United

Generation

Million

ARK Invest, one of 10 companies issuing spot Bitcoin exchange-traded funds (ETFs) in the United States, is taking profits on Coinbase shares as its stock price rises above $270.
<h2 id="ark-sold-52-million-in-coinbase-shares-as-stock-price-soared-above-270">ARK Sold $52 Million in Coinbase Shares as Stock Price Soared Above $270</h2>
The investment firm founded by Cathie Wood issued 133,533 shares of the ARK Innovation ETF (ARKK) worth approximately $35 million, based on Coinbase's closing price of $262 on March 21, according to TradingView data.
ARK also issued 59,215 shares of its ARK Next Generation Internet ETF (ARKW) and another 6,778 shares of its ARK Fintech Innovation ETF (ARKF). The entire sale is valued at $52.3 million at the March 21 closing price.
The sell-off comes as Coinbase shares continue their steady growth, rising above $270 for the first time since December 2021. Coinbase shares briefly topped $276 on March 21, according to TradingView.
Related News: <a href="https://en.bitcoinsistemi.com/this-altcoin-announced-a-collaboration-with-the-giant-chinese-company-alibaba/" target="_blank" rel="noopener noreferrer nofollow">This Altcoin Announced a Collaboration with the Giant Chinese Company Alibaba!</a>
ARK's latest Coinbase sale is one of its most significant in 2024 so far. The previous big sale occurred on March 11, when ARK sold 270,365 Coinbase shares.
On February 16, ARK sold 499,149 COIN shares from its three ETFs, making it the largest Coinbase sale of 2024 so far. That day, Coinbase shares traded around $190, 37% lower than the current price, according to data from TradingView.
At the time of this writing, Coinbase shares are up nearly 250% in the last six months.
ARK is actively divesting Coinbase shares in 2023 and early 2024. The company had purchased a large amount of Coinbase shares following its launch in 2021. The company prefers to sell because Coinbase shares have made a lot of profit and the profit weight in the investment basket has increased.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/while-coinbase-share-prices-break-records-ark-invest-continues-to-sell-heres-the-last-amount-of-shares-sold/" rel="noopener noreferrer nofollow">While Coinbase Share Prices Break Records, ARK Invest Continues to Sell: Here's the Last Amount of Shares Sold</a>

While Coinbase Share Prices Break Records, ARK Invest Continues to Sell: Here's the Last Amount of Shares Sold

Table of Contents

Bitcoin Sistemi EN

Other articles published on Mar 22, 2024

This Bitcoin Halving May Not Result In Supply Squeeze: Glassnode

Google Collaboration Boosts Ethereum Name Service, ENS Coin Jumps in Value

OKX Halts Operations in India Amid Regulatory Challenges

Google Integrates Ethereum Name Service Data into Search Results

Sleeper ICO-era project becomes 3rd most actively developed crypto app

Solana Price Prediction: Can SOL Surpass $200 By March End?

Join our free newsletter for daily crypto updates!