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ARK Liquidates $17 Million in Coinbase Holdings, Invests $18 Million in Bullish During Cryptocurrency Decline
COIN experienced a decline of 13.34% throughout the day, concluding at $146.12 amidst the continuing downturn of the cryptocurrency market, where bitcoin has dropped to as low as $60,000, marking its lowest level since November 2024.
Ark Invest’s Cathie Wood (Danny Nelson, modified by CoinDesk)
Key points:
- ARK Invest divested $17.4 million in Coinbase (COIN) shares and simultaneously acquired a comparable amount in Bullish (BLSH) stock on Thursday as the crypto equities faced significant losses.
- It is typical for ARK Invest to make considerable investments in companies related to crypto when their valuations decrease.
- Nevertheless, it is relatively uncommon for ARK to utilize this opportunity to sell off shares in a prominent crypto asset such as Coinbase.
ARK Invest divested $17.4 million in Coinbase (COIN) shares and simultaneously acquired a comparable amount in Bullish (BLSH) stock on Thursday as the crypto equities faced significant losses.
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Cathie Wood’s investment management firm sold 119,236 COIN shares, valued at $17.4 million based on Thursday’s closing price. COIN saw a decline of 13.3% on the day, closing at $146.12 during the ongoing drop in the crypto market, where bitcoin fell to as low as $60,000, which is its lowest point since November 2024.
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ARK also acquired 716,030 shares in the cryptocurrency exchange Bullish, as indicated by an emailed disclosure. These shares are valued at $17.8 million, based on BLSH’s closing price of $24.90, which reflects a decrease of nearly 8.5% for the day. Bullish is the parent company of CoinDesk.
It is typical for ARK Invest to make substantial investments in crypto-related firms during broader market declines. The Florida-based firm aims to seize the opportunity to obtain increased value from equities and adjust the composition of its funds to mirror the changing prices.
However, it is relatively uncommon for ARK to use this opportunity to divest shares in a significant crypto asset like Coinbase.
