Cathie Wood’s Ark Invest Cashes In On Coinbase As Shares Hit 20-Month High

Cathie Wood’s Ark Invest sold Coinbase shares worth $42.6 million as the stock hit a 20-month high.

The latest sale of more than 283,000 shares were made by ARK Innovation (ARKK) and ARK Next Generation Internet (ARKW) exchange-traded funds (ETFs) at $150.46 per share. Coinbase shares are selling for $150.35 as of 7:30 a.m. EST time.

The investment firm has now sold more than $150 million Coinbase shares since Dec. 5.

The US exchange’s shares account for approximately 10% of the investment firm’s total holdings, Ark data shows. COIN ranks among Ark’s top ten list of assets, along with companies that include Tesla Inc. (TSLA) with 7.26%.

While Coinbase stock skyrockets, the trading platform is also taking bold steps in the crypto scene, including launching tokens like Ethereum Classic (ETC), Optimism (OP), and Arbitrum (ARB) for futures trading.

Our OP-PERP, ARB-PERP, and ETC-PERP markets are now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop and stop limit orders are all now available. pic.twitter.com/BFXxrsReFU

— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) December 13, 2023

The US-based exchange has also launched Bitcoin (BTC) and Ethereum (ETH) for spot trading outside the US. The move is part of the trading platform’s global expansion endeavor, according to a blog post on Dec. 13.

Coinbase Launches BTC, ETH Spot Trading Against USDC

Coinbase International’s institutional customers can now trade BTC and ETH against the Circle-issued stablecoin, USDC.

COIN is up 325% year-to-date, outperforming tech giant NVIDIA (NVDA), which is up 226% despite.

One of the drivers of Coinbase’s shares price is the legal and regulatory troubles that have afflicted Binance, the world’s biggest crypto exchange. That’s provided an opportunity for the US exchange to seize market share.

A Bitwise report on Dec. 12 predicted that the 2024 bull market will see Coinbase revenues double and beat Wall Street estimates by at least 10x.

Also Read:

• Coinbase Shares Soar After Binance US Settlement As Ark’s Cathie Wood Takes Profits
• Top South Korean Pension Fund Bags 39% Profit On Coinbase Shares
• Coinbase CEO Says Binance’s $4.3 Billion Settlement Deal With US Is An Opportunity For Crypto Industry To Open New Chapter

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