Summary
TLDR: Cathie Wood’s ARK Invest sold over $24 million in Coinbase stock as Bitcoin reached all-time highs, causing Coinbase’s stock to dip 5.2%. This decision was made amidst operational issues and concerns with the platform. Despite recent bullish trends, some analysts predict challenges ahead for Coinbase’s stock.
Key Points
1. Cathie Wood’s ARK Invest divested over $24 million in Coinbase (COIN) stock on Monday, causing Coinbase’s stock to dip 5.2% to close at $216.77 on Tuesday.
2. ARK offloaded 110,896 shares of Coinbase through various funds, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).
3. The decision to sell off Coinbase stock came amidst Bitcoin’s rally and operational hiccups experienced by Coinbase, including platform traffic issues and inaccurate account balances for users.