Cathie Wood’s Ark Invest sells $25 million worth of Coinbase shares

Cathie Wood’s Ark Invest has made another significant sale of Coinbase shares, disposing of 166,183 shares valued at $25.3 million. This continues the trend of selling off Coinbase holdings, as the ARK Innovation ETF sold 145,048 shares and the ARK Next Generation Internet ETF sold 21,135 shares of the cryptocurrency exchange. Prior to this, Ark Invest had already sold more than $200 million worth of Coinbase shares in recent weeks. Despite the selling pressure, Coinbase’s stock has experienced substantial growth, rising over 300% in the past year. Notably, Coinbase has gained recognition as the custodian for traditional financial institutions, including BlackRock, which has applied for spot bitcoin exchange-traded funds.