Cathie Wood’s asset tech-focused investment firm ARK Invest has sold nearly $4 million in Coinbase stock (NASDAQ: COIN)—one of the biggest crypto-related equities—as Bitcoin and the rest of the crypto market take a hit after a period of massive gains.
ARK’s Ark Fintech Innovation ETF (ARKF) offloaded 13,780 COIN shares worth $3.9 million, data from Wednesday shows.
COIN is now priced at $274 per share—a 2% dip over the day. Over five days, it has fallen by 13%.
Wood’s investment firm is one of the biggest investors in Coinbase, America’s largest crypto exchange that went public in 2021. ARK Invest is heavily involved in tech stocks and companies related to the AI and crypto space. The firm still holds over 2.45 million shares in COIN, valued at $672 million.
This isn’t the first time that ARK has dumped COIN shares while rebalancing its portfolio, sometimes making sizable sales—such as offloading nearly $52 million worth in one batch in March.
Bitcoin touched a new all-time high on Tuesday of $108,135, according to CoinGecko, surging double digits over a seven-day period.
But then Federal Reserve Chair Jerome Powell gave a speech Wednesday that was more hawkish than expected, revealing that the central bank wouldn’t cut very aggressively in 2025 following its recent interest rate trims.
The price of Bitcoin and other major digital coins and tokens dropped sharply on the news—along with U.S. equities. And the plunge only accelerated on Thursday.
Bitcoin’s price currently stands at $97,430 after having dropped by nearly 4% in the last day. The biggest digital asset by market cap has soared—with tech stocks—this year, particularly following the election of Donald Trump on November 5.
The ex-President, who will have another shot at running America in January, has promised to cut regulation and help the digital asset industry. He has already appointed Silicon Valley tech visionaries to help run his administration.
Edited by Andrew Hayward