Cathie Wood and her ARK Invest firm on Wednesday sold a sizable amount of Coinbase stock to continue their year-end selling spree. Meanwhile, bitcoin and cryptocurrency prices joined the overall market rally Wednesday following the Federal Reserve rate decision.
On Wednesday, Cathie Wood and ARK Invest sold a total of 283,104 shares of Coinbase from the ARK Innovation ETF and the ARK Next Generation Internet ETF. The shares sold were worth $42.59 million based on Coinbase's closing price of $150.46, according to daily trade updates.
Coinbase is still the top holding in the ARKK and ARKW ETFs, representing 10.64% and 11.42% of the total fund holdings, respectively, as of Dec. 14.
The firm has sold over $150 million worth of Coinbase stock since Dec. 5 and offloaded shares in all but two trading days during the month, CoinDesk reported.
The largest publicly traded crypto exchange announced plans to roll out spot bitcoin and spot ethereum products to non-U.S. institutional clients starting Dec. 14 via the Coinbase International Exchange. Coinbase will offer spot crypto trading to retail investors in the coming months.
Coinbase Stock, Crypto Price Action
Cryptocurrency prices surged Wednesday after the Federal Reserve forecast three rate cuts in 2024, also prompting a rally in the S&P 500 and Dow Jones Industrial Average.
Bitcoin traded around $42,500 early Thursday after leaping as high as $43,429 Wednesday. The world's largest crypto has rebounded 154% in 2023.
Ethereum eased to $2,250 Thursday morning from its Wednesday peak of $2,315, nearly reaching its highs from late last week. ETH last traded above $2,300 in May 2022 and is up about 88% this year.
Coinbase stock rallied about 7.8% Wednesday to its highest level since April 2022. Shares are trading in a profit-taking zone after vaulting 31% from a Nov. 24 cup base breakout. Coinbase stock rocketed 325% in 2023.
Bitcoin miner Marathon Digital spiked 12.6% during Wednesday trade, while Riot Platforms gained 8.35%.
Grayscale Bitcoin Trust jumped 6.5% Wednesday.
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