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Leading asset management firm Ark Invest has been selling off its holdings of Coinbase stock (COIN) in recent weeks. The company has sold over $119 million worth of COIN since the beginning of the month. This selling spree was prompted by the surge in the stock’s price, which reached a 19-month high alongside bitcoin.
Ark Invest made its first sale of COIN on December 5, offloading 237,572 shares worth approximately $33 million. This was followed by another sale on December 6, netting $24.3 million. The largest sale took place on December 8, raising $49.2 million. Despite these sales, COIN still makes up a significant portion of Ark Invest’s holdings.
Ark Invest follows a strategy of accumulating assets during dips and selling during surges to make a profit. The firm is also vying for a spot in the Bitcoin ETF market, alongside other traditional giants. Their application is expected to be approved in January.