Ark Invest Sells Coinbase Shares at Record High
On Thursday, Ark Invest, led by Cathie Wood, decided to sell a total of $12.5 million worth of Coinbase Global Inc. shares, coinciding with the stock hitting a new all-time closing high. Alongside this, $12.3 million in Block Inc. shares were also sold from one of its exchange-traded funds. Specifically, the Ark Innovation ETF sold 33,363 shares of Coinbase and 189,649 shares of Block. Coinbase's stock enjoyed a significant 5.54% rise, closing at $375.07, marking a 27.02% increase over the past week and a 51.06% increase since the start of the year. Conversely, Block Inc. saw a minor 0.46% increase, with its stock closing at $65.11; however, it remains down 23.39% year-to-date. The strong performance of Coinbase's stock is partly due to positive developments in the U.S. legislative environment, particularly the Senate's approval of a significant stablecoin bill, pushing it forward to the House. Adding to these market dynamics, Circle, the issuer of the USDC stablecoin, saw its stock rise by 7.56% after a temporary dip. Disclaimer: The Block, a media outlet supported by Foresight Ventures, which also invests in other crypto enterprises, such as Bitget, provides this information solely for educational purposes.
FAQ
❓ Why did Ark Invest sell Coinbase shares?
Ark Invest sold Coinbase shares to capitalize on the stock's all-time high and adjust its portfolio strategy.
❓ What impact did the stablecoin bill have on the market?
The Senate's passing of a key stablecoin bill contributed to a positive market environment, boosting stock values like Coinbase.
❓ What are the recent trends for Coinbase's stock?
Coinbase's stock increased by over 27% in the last five days and has risen 51% since the beginning of the year.