.ARKInvest Invest makes another Coinbase share sell-off
in the price of Coinbase Global Inc shares has prompted one of the company's most prominent backers to dump the stock. Cathie Wood's Ark Invest, one of the early and consistent supporters of Coinbase and Bitcoin innovators, has dumped as much as 135,152 shares worth about $12 million as of Tuesday's close.
The sell-off, which is one of the few moves the Cathie Wood-run firm will be making this year, has stirred a lot of speculation on the broader crypto market. While many see this as a vote of no confidence, a number of analysts believe there is no cause for alarm as Ark Invest is known for taking advantage of periodic highs and lows in the shares of Coinbase.
Another reason many are not bothered about the sell-off is that the liquidated amount represents just about 0.14% of the fund's total holdings.
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