Advertisement
AD

Main navigation

Ark Invest Takes Gain on Coinbase Stock Amid Parabolic Run

Advertisement
Tue, 24/10/2023 - 15:00
Ark Invest Takes Gain on Coinbase Stock Amid Parabolic Run
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Cathie Wood's Ark Invest has reportedly sold off some of its Coinbase stock as the crypto market and its associated stocks go on a wild rampage. The sell-off was hinted at by the Ark Invest Daily account on X, showing the sales took place on Monday, with a total of 32,158 COIN shares sold.

Advertisement

Related

This figure represents 0.2060% of its total holdings, and per the closing price of COIN after Monday's trading session, the total amount sold came in at $2,482,919.18. This sale can be classified as a means to snatch some profits now that the Coinbase stock has added some notable gains.

Market data shows COIN closed Monday's session up 5%, and it has inked another 7.94% in the premarket, taking the price to $83.34. Besides the Coinbase sales, Ark Invest also notably dumped 100,739 Grayscale Bitcoin Trust (GBTC) shares. 

This particular trade was considered a premature one by many market analysts, considering the fact that Bitcoin has rallied as high as $34,500, up by more than 10% in the past 24 hours. Had Ark Invest waited some more, it might have sold off these assets at a much higher price than it did.

Bitcoin and Coinbase backing continue

Ark Invest is one of the most prominent backers of cryptocurrencies and the firms championing its mainstream adoption. 

Related

Under Cathie Wood's leadership, Ark Invest, in partnership with 21 Shares, has filed an application to list Bitcoin spot ETF products with the United States Securities and Exchange Commission (SEC). Its application is under review alongside top firms like BlackRock, Bitwise and Fidelity.

The confidence in the future of Bitcoin and firms like Coinbase in its ecosystem was further emphasized by Cathie Wood in her $1 million price target for BTC.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD