ARK Invest unloads Coinbase shares for $13.5 million

The flagship ARK Invest fund, Ark Innovation ETF (ARKF) sold 160,887 Coinbase shares for about $13.5 million.

The move followed Coinbase’s shares jumping 34.1% over the past week.

Since the start of the year, Coinbase shares have risen 137.33%; on a year-to-date basis, they are trading down 54.8%.

In October 2022, the management company bought the exchange’s securities for the first time since June. In November for these purposes ARK Invest structures spent another $21.4 million, in December — $3 million and $5 million.

In February 2023, the firm invested in the platform $6.7 million and $9.27 million. By the end of the month ARK Invest purchased Coinbase shares worth $16.9 million.

In March the organization directed toward these aims an additional $3.44 million.

Earlier, ARK Invest raised $16.3 million for cryptocurrency funds.

Amid turbulence in TradFi pointed to the potential of cryptocurrencies as a substitute for traditional banking.