Cathie Wood’s Ark Invest sells more Coinbase shares, offloads $11.5 million

Cathie Wood’s Ark Invest sold further tranches of Coinbase shares on Tuesday, offloading 82,255 COIN ($11.5 million) from three funds as its selling streak for the asset continued, according to the company’s latest trade filing.

Ark sold 65,297 Coinbase shares ($9.1 million) from its Innovation ETF, 15,502 ($2.2 million) from its Next Generation Internet ETF and 1,456 ($203,000) from its Fintech Innovation ETF. These latest offloads follow the $1.9 million worth of COIN Ark sold on Monday and the $100 million in Coinbase share disposals last week as the firm rebalances its fund weightings.

Coinbase stock traded for $139.62 at market close on Tuesday, down around 2% over the last five days and up nearly 50% for the month, according to TradingView. However, the stock remains over 60% down from an all-time high of $342.98 set during the peak of the last crypto bull market in November 2021.

Coinbase is currently valued at $26 billion, according to The Block’s data dashboard.