Cathie Wood Ark Invest Sold Over 98,000 Coinbase Shares

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Yesterday as Bitcoin was approaching $58,000, Cathie Wood’s Ark Invest completed the sale of 98,427 shares of Coinbase worth over $25 million, Business Insider reported.

Coinbase’s stock rose to a high of $262.91 yesterday but closed at $256.50 when the stock market closed for trading at the end of the day. But even with the stock’s recent gains, it has not been performing well since its launch. The stock is down 21% this year.

Some may say the decision to get rid of Coinbase shares is a good one, as the exchange seems to not be setting itself up for success. Earlier this year, it was reported that Coinbase had built up a stockpile of $4 billion in cash reserves, completely neglecting Bitcoin.

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