The post ARK Invest by Cathie Wood returns to buying Coinbase shares appeared on BitcoinEthereumNews.com.

During 2024, ARK Invest by Cathie Wood sold Coinbase shares several times.  Now, however, it seems to have changed its mind.  Cathie Wood: the sales of Coinbase shares by Ark Invest In 2023, at its peak, ARK Invest’s ETFs had come to hold more than 11.3 million Coinbase shares.  By the end of the year, they had already fallen to 9.7 million, but starting from December, the sales had intensified. Already in February 2024, they had dropped to 7.2 million, and by May, the number of Coinbase shares collectively owned by all ARK Invest ETFs was only three and a half million.  In August, they had dropped to 2.5 million, and by September, they had become less than 4,000.  Note that since Cathie Wood’s ARK Invest ETFs started selling Coinbase shares, their price has risen from $105 to the current $167, and the bulk of these sales were made above $130.  The purchases, over the past years, had been made at lower prices, so it was a matter of profit-taking for the bull degli ETF.  The performance of Coinbase stocks on the stock market The Coinbase stock was listed on the stock exchange in April 2021, and that placement marked the end of the first part of the latest major bull run, with the price of BTC having risen from about $11,000 to $64,000 in six months.  The placement price was absolutely exaggerated (380$), and in fact, just a month later, it had plummeted to 200$.  Things, however, went even worse with the bear-market of 2022, when the price ended up dropping to just over $30, which means a loss of more than 90% from the initial price.  Furthermore, until October of the following year, the price did not return stably above $100.  It is possible to imagine that the…

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Filed under: News - @ October 9, 2024 3:21 pm