Cathie Wood Trims Coinbase Stake For 2nd Day In Row As Bitcoin Holds Above $56K

Cathie Wood-led Ark Invest on Tuesday further trimmed some of its stake in Coinbase Global Inc COIN, marking the second straight day of sale in the cryptocurrency exchange company’s stock.

The popular money managing firm sold 5,855 shares — estimated to be worth $1.46 million — in Coinbase via the Ark Innovation ETF ARKK.

Shares of the cryptocurrency exchange closed 2.80% lower at $249.33 a share on Tuesday. Coinbase stock has fallen about 24% since its blockbuster listing on the Nasdaq in mid-April. 

See Also: Cathie Wood's Ark Invest Sells Coinbase Shares For First Time As Stock Surges On Bitcoin Rally

Bitcoin BTC/USD is up 10.31% over the past week, trading at $56,382 at press time, and while Dogecoin DOGE/USD is down 7.99% for the week, it has seen heightened trading activity that contributes to revenue for Coinbase. Meme coin Shiba Inu is up 52% for the week and is seeing heightened interest as well.

Two other Ark exchange-traded funds, the Ark Next Generation Internet ETF ARKF and the Ark Next Generation Internet ETF ARKW own shares in Coinbase.
Together, the three ETFs held 6.27 million shares, worth around $1.60 billion, in Coinbase ahead of Tuesday’s trades.

Here are some of the other key trades for Ark on Tuesday:

Sold 12,440 shares — estimated to be worth $813,824 — in BYD Co. BYDDY on the day shares of the Warren Buffett-backed company closed 0.41% lower at $65.42 a share.

Sold 26,901 shares — estimated to be worth $6.88 million — in PayPal Holdings Inc PYPL. Shares of the payments company closed 0.31% lower at $255.85 a share.

Photo: Courtesy of Marco Verch on Flickr