Coinbase Stocks Made Their All-Time Highest Close! Investment Firm Ark Invest Sold Shares! Here’s the Reason!

Cathie Wood's leading investment management firm Ark Invest sold $12.5 million in shares of the cryptocurrency exchange Coinbase and $12.3 million in shares of Block on Thursday.

Ark Invest Sold $12.5 Million as Coinbase Shares See All-Time High Close

Sales came after Coinbase shares reached an all-time high closing level.

Ark Invest's flagship exchange-traded fund ARK Innovation ETF (ARKK), according to the latest trading notification, sold 33,363 Coinbase shares and 189,649 Block shares.

Coinbase shares closed Thursday at $375.07, marking a record closing with an increase of 5.54%. Over the last five days, it has recorded an increase of over 27%, and since the beginning of the year, it has increased by 51%.

Block Inc. (, formerly known as Square), closed at $65.11 with a limited increase of 0.46% on the same day. However, it has experienced a decline of over 23% since the beginning of the year.

Coinbase's strong performance is supported by significant steps taken regarding crypto regulations in the US. In particular, the passage of the GENIUS stablecoin law from the Senate and its progress to the House of Representatives has created a positive atmosphere in the market.

Additionally, the issuer of the USDC stablecoin, Circle, recorded a 7.56% increase in its shares on Thursday, compensating for the brief decline at the beginning of the week.

It is known that Ark Invest has long supported Coinbase shares. However, this recent sale is being evaluated as a tactical step towards profit realization and portfolio balancing.

Investors continue to closely monitor regulatory developments and institutional movements regarding the crypto market.

*This is not an investment advice.

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