On Tuesday (local time), the growth investor Cathie Wood&#39;s ARK Invest sold 160,887 shares of the cryptocurrency exchange Coinbase (COIN), bringing in a total of $13.5 million.ARK engaged in a number of stock purchases of Coinbase while the cryptocurrency market was in its winter season. COIN underperformed both bitcoin and ether throughout the entirety of 2022, resulting in a decline of 86% in the value of its shares.The most recent purchase of COIN by ARK was made at the beginning of March. At that time, the company acquired a total of over 350,000 shares of Coinbase. This included 301,437 shares valued at $22 million for its ARK Innovation ETF (ARKK) and 52,525 shares valued at $22 million for its Next Generation Internet ETF (ARKW).The price of COIN has increased by about 150% so far this year and ended the trading day on Tuesday in the United States at $83.99. The price of the stock has fallen by 54% over the course of the previous calendar year. It was first offered for sale in April 2021 at a price of $342, and since then, the only time it has come close to surpassing that price is in November 2021, at the peak of the bull market.A recent announcement made by ARK stated that the company had successfully raised $16 million for a new private cryptocurrency fund.

ARK Invest Sells $13.5M Coinbase Shares After Steady Buying Streak

ItsBitcoinWorld

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