Home Business Well-known investor suddenly sells shares of bitcoin exchange Coinbase

Well-known investor suddenly sells shares of bitcoin exchange Coinbase

Well-known investor suddenly sells shares of bitcoin exchange Coinbase

Earlier this week, we wrote that investment fund publisher ARK Invest sold a large amount of Coinbase shares after a significant rise in the stock. Almost immediately after this, the share rose even further, but ARK Invest does not seem to have changed its mind. In fact, Cathie Wood’s company shows it stands behind its previous sale.

Value bitcoin exchange Coinbase increased considerably

ARK Invest manages several Exchange Traded Funds (ETFs) for innovative stocks, including Coinbase. This crypto exchange is in the ARK Innovation ETF (ARKK), in the ARK Next Generation Internet ETF (ARKW) and in the ARK Fintech Innovation ETF (ARKF). In fact, the share of COIN makes up 7.17%, 8.72% and 10.61% of ETFs respectively. ARK Invest director Cathie Wood is clearly very positive about the trading platform.

But last Tuesday, ARK Invest decided to sell $12 million worth of COIN shares. The stock rose to its highest point in a year on that day. This was partly due to the hype surrounding the new requests for spot bitcoin ETFs. Several exchange funds want to work with Coinbase to show the accurate bitcoin price for their funds.

The sharply increased XRP price also seems to have had a positive impact on the sentiment for COIN. While not everyone is convinced by this theory, it is possible that a positive outcome for Ripple will mean that the SEC’s lawsuit against Coinbase will also end more favorably for Coinbase.

Cathie Wood sells even more Coinbase shares

The share of the largest crypto exchange in the US has risen sharply in recent days. Last Friday, the closing price was $ 105.31. That is 33.10% higher than the opening price at the beginning of this week, and about 220% higher than the absolute bottom at the beginning of January.

Still, Wood doesn’t seem to be done selling just yet. The Block has spoken with traders from ARK Invest. The crypto newspaper notes that the company sold even more COIN shares last Friday – a total of 478,356 shares. 93,227 of these shares were in the ARKW ETF, and for the innovation ETF ARKK, the fund manager sold 121,882 shares. At closing price, the sale is worth a total of $50.37 million.

No Comments

Leave A Reply

Please enter your comment!
Please enter your name here

Exit mobile version