Cathie Wood’s Ark Invest offloaded $12.5 million worth of Coinbase (COIN) shares on Thursday, cashing in on the exchange’s recent rally as its stock surged to a new record closing high of $375.07. The sale reflects profit-taking behavior following a sharp uptrend that has propelled Coinbase into the spotlight once again.
Ark’s Selloff: Strategic Rebalancing Amid Market Optimism
According to its daily trading disclosure, the Ark Innovation ETF (ARKK) sold 33,363 shares of Coinbase and 189,649 shares of Block Inc. (SQ), totaling approximately $24.8 million in proceeds across both trades.
Block Inc. (SQ), another fintech favorite of Ark, saw a modest gain of 0.46%, closing at $65.11, but is still down over 23% year-to-date.
Coinbase Rally Fueled by Regulatory Momentum and Market Sentiment
Coinbase stock has gained significant traction, rising 5.54% in a single day and 27.02% over the past five sessions, according to Yahoo Finance data. The year-to-date gains now stand at 51.06%, supported by:
- Growing institutional crypto adoption
- Passage of the GENIUS stablecoin bill in the U.S. Senate
- Optimism over clearer regulatory frameworks for digital assets
Circle, the issuer of the USDC stablecoin, also surged 7.56% on Thursday, continuing its upward trajectory amid renewed confidence in stablecoin utility and legislative progress.
Ark’s Profit-Taking Strategy
Cathie Wood and Ark Invest are known for active portfolio rotation and opportunistic rebalancing of high-growth tech and crypto-linked stocks. While the COIN sale may appear bearish on the surface, it’s more likely a reflection of risk management and profit booking at historically high valuation levels.
Ark continues to maintain long-term bullish positions on digital asset infrastructure but adjusts exposure dynamically based on price action and market developments.
What’s Next for COIN and the Crypto Market?
With Coinbase continuing to benefit from ETF inflows, stablecoin growth, and increasing institutional demand, the current price strength may have further upside, although volatility remains high. Investors and analysts alike are watching whether COIN can maintain its current momentum or if profit-taking, like Ark’s, signals a near-term top.
Final ThoughtsArk Invest’s $12.5M COIN share sale comes at a moment of historic price strength for Coinbase. While it suggests near-term caution, the broader trend for crypto equities remains bullish, supported by regulatory progress and strong institutional flows.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.