Ark Invest Continues Its Sales in Cryptocurrency Investments Where It Left Off

Ark Invest, the investment firm managed by Cathie Wood, sold millions of dollars worth of Coinbase (COIN) shares.

Ark Invest continues selling Coinbase shares from where it left off. According to the last end-of-day report released by the company, another 12,077 Coinbase shares worth $2.7 million were sold on July 31.

The company is selling because its investment policy does not allow an asset to exceed 10% of the total volume. Coinbase shares closed at $224.26 on July 31, up 30% year-to-date.

The company last came to the fore by selling Coinbase shares extensively in March-April 2024.

$1.1 million of COIN shares sold on Wednesday were sold through Innovation ETF, $1.5 million through Next Generation Internet ETF and $300 thousand through Fintech Innovation ETF.

According to TradingView data, COIN, which has been faced with selling pressure in recent days, lost 0.19% in value in the last week. At the time of writing, COIN is trading near its all-time high (ATH) at $256.