Cathie Wood-led Ark Invest on Tuesday further trimmed some of its stake in Coinbase Global Inc (NASDAQ: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 (NYSE: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.
Bitcoin (CRYPTO: BTC) is up 10.31% over the past week, trading at $56,382 at press time, and while Dogecoin (CRYPTO: DOGE) 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 (NYSE:ARKF) and the Ark Next Generation Internet ETF (NYSE: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. (OTC: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 (NASDAQ:PYPL). Shares of the payments company closed 0.31% lower at $255.85 a share.
Photo: Courtesy of Marco Verch on Flickr