Ark Invest Continues To Sell Coinbase Shares

Ark Invest continued its sell-off of Coinbase Global Inc. shares on Wednesday, selling another 166,183 shares worth $25.3 million.

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The sale comes after Ark Invest sold over $200 million in Coinbase shares in recent weeks. Coinbase shares closed at $152.24 on Wednesday, down 2.96%, after rising by more than 300% in the past year.

The U.S.-based cryptocurrency exchange was selected as the crypto asset custodian from among many firms that applied for spot bitcoin exchange-traded funds, including traditional financial institutions such as BlackRock.

Cathie Wood’s sell-off is a notable development in the dynamics of the cryptocurrency market. The motivations behind Ark Invest’s strategic decision and its potential impact on the market require further analysis.

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