ARK Invest Dumps $5.3 Million in Coinbase Stocks
ARK Invest sells $5.3 million in Coinbase stocks as price soars, while maintaining Bitcoin support and investing over $1.1 million in crypto-friendly firms like SoFi and Robinhood.
ARK Invest is taking advantage of Coinbase's stock surge as they sell 43,956 shares for $5.3 million, as Coinbase's stock price goes higher than it has in 18 months. The stock's value has increased significantly, up 168% over the past year.
ARK Invest has been selling Coinbase Stocks through 2023, including a $5.1 million sale in October. When Coinbase stock was about $90 ARK also sold over $103 million in Coinbase shares.
In addition to Coinbase, ARK has been selling its Grayscale Bitcoin Trust (GBTC) stock. Just recently, they sold 94,624 GBTC shares for about $3 million. Despite these sales, ARK has stayed in support of Bitcoin as it maintains a steady investment in Bitcoin-related assets.
While offloading Coinbase and GBTC stocks, ARK is investing in other crypto-friendly companies, like SoFi and Robinhood. Recently they bought 252,421 SoFi shares and have been accumulating Robinhood shares, investing over $1.1 million.
