The Coinbase share (NASDAQ: COIN) once again plummeted after continuous dumping from Cathie Wood’s ARK Invest. According to a recent report, ARK Invest sold another significant 335,860 COIN shares on Friday, and this sale was the largest since July 2023.
COIN share faces decline after massive ARK Invest sell-off
This massive offload, worth around $49.2 million, was seen on Friday across three Exchange-Traded Funds (ETFs), with the majority coming from the Innovation ETF (ARKK). However, the reaction to this massive dump was noticed on Monday pre-market as the Coinbase (COIN) share showed over a 5% price drop.
Earlier on Friday, the COIN share was traded near $146.62, but due to the massive offload by ARK, it is currently trading near $141. It has also been observed that COIN has shown a remarkable surge in the past few months and has also made its all-time high. However, earlier, due to insufficient data, it was thought that this massive selling pressure from ARK Invest might be because of profit booking.
ARK Invest’s strategic shift: Increased stake in SoFi technology
Recently, data highlights that apart from selling, Cathie Wood’s ARK Invest increased its stake in the fintech company SoFi Technology (SoFi) by acquiring nearly 180,000 additional shares through the Ark Fintech Innovation ETF. With this current acquisition of 180K SoFi shares, Ark’s total ownership of SoFi is approximately 1.9 million shares, constituting 1.5% of the ETF’s assets.
Data also shows that SoFi has had a better performance this year in 2023, as its shares surged by over 76% year-to-date. On the other hand, if we look at the long-term performance, SoFi’s share is down by approximately 70% from its all-time high in 2021. This is noteworthy considering SoFi’s impressive momentum and effective management.
Recently, SoFi Technologies decided to exit the crypto sector as regulatory pressures escalated in the United States. The California-based company announced its plan to close its crypto services on December 19. SoFi’s withdrawal from the crypto market was a strategic pivot in response to the challenges that the sector faced, as reported by Todayq News.
