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

Growth investor Cathie Wood’s ARK Invest sold 160,887 shares of crypto exchange Coinbase (COIN), worth $13.5 million, on Tuesday U.S. time.

During the crypto winter, ARK made a series of buys of Coinbase’s stock. Throughout 2022, COIN underperformed both bitcoin and ether and its shares dropped 86% during the year.

ARK’s most recent purchase of COIN was in early March, when the company acquired a total of over 350,000 shares of Coinbase, including 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet ETF (ARKW) valued at $22 million.

Year-to-date, COIN is up nearly 150% and closed the Tuesday trading day in the U.S. at $83.99. The stock is still down 54% over the last calendar year. It was listed in April 2021 at $342, and has only come close to rising over its listing price at the height of the bull market in November 2021.

Recently, ARK announced that it has raised $16 million for a new private crypto fund.

Read more: Cathie Wood’s Ark Raises $16.3M for New Private Crypto Fund