The company purchased a large chunk of COIN stock in June after the SEC filed a lawsuit against Coinbase, but quickly began selling it as the stock price has risen steadily since then.
ARK Invest, led by Cathie Wood, has been steadily selling shares despite the rise in Coinbase’s (COIN) stock price, and its business performance has been slowing lately. The company recently continued to sell COIN shares for three consecutive days.
In June, ARK Invest announced its last major purchase of COIN stock after the SEC filed a lawsuit against Coinbase. Since this latest acquisition, COIN shares have risen 200%, prompting the company to sell its shares. Bitcoin is up more than 150% this year, while Coinbase’s share price has nearly quadrupled.
ARK Invest also sold $12.85 million worth of Grayscale Bitcoin Trust (GBTC) shares from its Next Generation Internet ETF.
