Cathie Wood's managed investment firm Ark Invest continues to sell shares of this cryptocurrency exchange! Here are the details.

Cathie Wood's investment firm Ark Invest made a total of $43.8 million in sales of Coinbase shares as part of portfolio adjustments related to the crypto market.

Ark Invest Sold $43.8 Million in Coinbase Shares

The sale took place during a period when Coinbase's stock price was hovering near all-time highs.

According to the trading report published by the company on Monday, July 1, three exchange-traded funds belonging to Ark Invest sold a total of 124,892 Coinbase shares: (ETF).

• ARK Innovation ETF (ARKK): 77.956 shares
• ARK Next Generation Internet ETF (ARKW): 29.802 shares
• ARK Fintech Innovation ETF (ARKF): 17.134 shares

Coinbase's stock closed at $350.49 on Monday, down 0.83%, but it has gained 42.12% in the last month and 41.16% year-to-date. The company's stock had its highest daily close since its IPO in April 2021, with a closing price of $375.07 on June 26.

Coinbase shares received support from positive developments in the sector, such as Circle's IPO, while leading analysis and brokerage firm Bernstein raised the company's target price per share from $310 to $510. Bernstein justified this update with improving profit expectations, new growth sources, and an updated valuation model.

Ark Invest's recent sat is viewed as part of the company's active portfolio management strategy focused on kripto piyasası stocks.

*It is not an investment advice.

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