Cathie Wood's investment firm, ARK Invest, sold nearly $4 million worth of Coinbase stock (NASDAQ: COIN) as the crypto market experienced a significant downturn. On December 19, the ARK Fintech Innovation ETF (ARKF) offloaded 13,780 shares of COIN valued at approximately $3.9 million, coinciding with a broader correction in the cryptocurrency market. The price of Coinbase shares dropped to around $274, marking a 2% decline for the day and a 13% decrease over the past week. Despite the sell-off, ARK Invest continues to hold a substantial stake in Coinbase, with over 2.45 million shares valued at around $672 million. This market activity comes after Bitcoin reached a new all-time high above $108,000 but subsequently faced a sharp decline following remarks from Federal Reserve Chair Jerome Powell about easing monetary policy. On the same day, Bitcoin's price fell to approximately $97,020, reflecting a significant market correction that affected many digital assets.

Source 🔗