ARK offloads $17 million of Coinbase, adds $18 million of Bullish amid crypto rout
CoinDesk
ARK Invest sold $17.4 million of Coinbase stock and bought $17.8 million of Bullish stock during a crypto market downturn.Summary
Amid a significant downturn in the crypto market, which saw Bitcoin fall to $60,000, Cathie Wood's ARK Invest executed trades involving major crypto-related equities on Thursday. ARK sold 119,236 shares of Coinbase (COIN), valued at $17.4 million, as COIN dropped 13.3% to close at $146.12. Simultaneously, ARK purchased 716,030 shares of Bullish (BLSH), the parent company of CoinDesk, worth $17.8 million based on its closing price of $24.90. While ARK commonly buys crypto-adjacent stocks during market slides to capture future value, the firm's decision to offload shares in a major holding like Coinbase is considered less common.
(Source：CoinDesk)