Cathie Wood’s Ark Invest sells $25 million worth of Coinbase shares

Cathie Wood’s Ark Invest sold another 166,183 Coinbase Global Inc. shares — valued at $25.3 million — on Wednesday, continuing a selling spree for Coinbase.

The firm’s latest trade filing showed that the ARK Innovation ETF offloaded 145,048 Coinbase shares and the ARK Next Generation Internet ETF sold 21,135 shares of the crypto exchange on Wednesday.

This comes after the company had already offloaded over $200 million in Coinbase shares in recent weeks.

Coinbase stock closed down 2.96% at $152.24 on Wednesday. It has risen over 300% over the past year.

The U.S.-based crypto exchange has been selected as the crypto asset custodian for traditional financial institutions including BlackRock, which is one of the many firms that have filed for spot bitcoin exchange-traded funds.

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