Cathie Wood’s Ark Invest Sold More Coinbase Shares

It has been revealed the fact that Cathie Wood’s Ark Inves has sold more Coinbase shares. Check out the latest reports about this below.

According to the latest trade filing of Ark Invest, Cathie Wood’s investment firm, it has continued to sell Coinbase shares and offloaded 82,255 COIN ($11.5 million) from three of its funds on Tuesday.

The Innovation ETF sold 65,297 Coinbase shares ($9.1 million), the Next Generation Internet ETF sold 15,502 shares ($2.2 million), and the Fintech Innovation ETF sold 1,456 shares ($203,000).

These latest sales add to the $1.9 million worth of COIN Ark sold on Monday and the $100 million in Coinbase share disposals last week, as the firm rebalances its fund weightings.

Coinbase’s stock closed at $139.62 on Tuesday, which is a decrease of around 2% over the last five days. However, the stock has seen an increase of nearly 50% for the month, as per TradingView.

Despite this, the stock is still more than 60% down from its all-time high of $342.98 that was achieved during the peak of the last crypto bull market in November 2021.

According to The Block’s data dashboard, Coinbase’s current valuation stands at $26 billion.

Brian Armstrong, the CEO of Coinbase, has shared his belief that Bitcoin (BTC) could potentially prolong the existence of Western civilization.

In a recent post on social media platform X, Armstrong stated that it is a natural trend for countries that produce the world’s reserve currency to inflate the money supply and increase deficit spending until they lose their currency advantage.

Armstrong claims that the US is currently undergoing this process, but he argues that other fiat currencies are not yet ready to take on the reserve mantle.

“The yuan and euro have their own issues and aren’t viable alternatives currently, so the assumption is the US can continue to inflate, but what I think many haven’t considered is that people have an alternative now with crypto. They may start moving fiat into crypto, as an antidote to inflation.”