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On Tuesday, Cathie Wood-led Ark Invest made a significant move by offloading a substantial number of shares in Coinbase Global Inc (NASDAQ:COIN), despite Bitcoin (CRYPTO: BTC) reaching new all-time highs recently.
The COIN Trade
On Wednesday, Ark Invest sold a total of 106,000 Coinbase shares through flagship ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $27.15 million. Coinbase shares closed 0.8% higher at $256.14 for the day.
Interestingly, the sell-off came as Bitcoin charted new all-time highs reaching $72,953.72 this week. However, Coinbase shares were volatile on Tuesday following the company’s announcement of a proposed private offering. Coinbase intended to offer $1 billion worth of Convertible Senior Notes due 2030 in a private offering to institutional buyers.
Ark sold $68.7 million worth of Coinbase shares a day prior. Despite the continuous selling of shares from the cryptocurrency platform in recent days, Coinbase maintains its position as the top holding across all 126 Ark Invest ETF holdings, by weight.
See Also: Bitcoin Blasts Past $70,000, Ethereum Breaks $4K Barrier: What’s Driving Crypto Higher?
Other Key Trades:
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