Cathie Wood's Ark Invest is continuing to sell shares of Coinbase, the largest US-based cryptocurrency exchange, during the ongoing cryptocurrency market rally. On Wednesday, they sold $24.2 million worth of Coinbase shares and $3.4 million of Grayscale Bitcoin Trust shares, following a significant sell-off the day before. The sales were made through different investment funds, and despite the recent sell-offs, Ark Invest still holds over 6 million Coinbase shares, valued at over $960 million, making up about 11.64% of their ARKK holdings.
Coinbase shares have seen a nearly 7% increase in the last five days, closing at $140.20 on Wednesday.
Bitcoin, the leading cryptocurrency, has experienced a significant surge, trading just below $44,000, up almost 16% in the last week. This rise is influenced by factors such as the potential approval of a Bitcoin ETF in the US and expectations of the Federal Reserve lowering interest rates in the coming months.
Earlier, on November 28, Ark Invest sold 43,956 Coinbase shares worth $5.3 million during Coinbase's impressive 55% surge in share price throughout November.
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