Cathie Wood Sheds $27M In Coinbase As Stock Soars Amid Bitcoin, Ethereum Reaching For New Highs

Cathie Wood’s money managing firm Ark Invest sold shares in Coinbase Global Inc COIN on Monday as the largest U.S. cryptocurrency exchange's stock rallied after several crypto prices rose over the weekend. 

Ark Invest sold 75,910 shares — estimated to be worth $26.86 million — in Coinbase via two of its active exchange-traded funds.

Shares of the cryptocurrency exchange, which have been rising over the past month, closed 5.01% higher at $353.92 a share. The stock has risen 7.8% so far this year.

The stock opened higher on Monday as the price of Bitcoin BTC/USD and  Ethereum ETH/USD rose over the weekend, with the latter hitting an all-time high.

See Also: Coinbase Stock Runs Into Earnings As Bitcoin, Ethereum Soar: What's Next?

The two cryptocurrencies hit new milestones on Monday. Bitcoin hit an all-time high of $67,673.74 and Ethereum rose to $4,822.36, according to CoinMarketCap data.

Coinbase is scheduled to announce its third-quarter numbers after the closing bell on Tuesday. 

Ark Invest sold the shares via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW. The Ark Next Generation Internet ETF ARKF too holds shares in Coinbase.

The three ETFs held 5.77 million shares — worth $1.94 billion — in Coinbase ahead of Monday’s trades.

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

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

• Bought 91,323 shares — estimated to be worth $3.47 million — in Robinhood Markets Inc HOOD. Shares closed 2.62% higher at $37.98 a share on Monday.
• Bought 203,599 shares — estimated to be worth $52.91 million — in Zoom Video Communications Inc ZM. Shares closed 1.81% lower at $259.90 a share.

Photo: Courtesy of Coinbase