en.bitcoinsistemi.com
Ark Invest, the investment management firm led by Cathie Wood, sold $12.5 million in crypto exchange Coinbase shares and $12.3 million in Block shares on Thursday.
Ark Invest Sells $12.5 Million as Coinbase Shares Hit All-Time High Close
The sell-off came after Coinbase shares hit an all-time closing high.
Ark Invest’s flagship exchange-traded fund, ARK Innovation ETF (ARKK), sold 33,363 Coinbase shares and 189,649 Block shares, according to its last trading report.
Coinbase shares closed 5.54% higher at $375.07 on Thursday, a record close. They are up more than 27% in the past five days and 51% since the beginning of the year.
Block Inc. (formerly Square) shares closed up a modest 0.46% at $65.11 on the same day, but are down more than 23% year to date.
Coinbase’s strong performance is supported by significant steps taken in the U.S. regarding crypto regulation. In particular, the passage of the GENIUS stablecoin bill in the Senate and its advancement to the House of Representatives has created a positive atmosphere in the market.
Separately, Circle, the issuer of the USDC stablecoin, also saw its shares rise by 7.56% on Thursday, making up for a brief decline at the beginning of the week.
Ark Invest has long been known to support Coinbase stock, but this latest sale is seen as a tactical move aimed at profit taking and portfolio balance.
Investors continue to closely monitor regulatory developments and institutional activity in the crypto market.
*This is not investment advice.