Coinbase (NASDAQ:COIN) stock is moving on Monday as investors react to Ark Invest CEO Cathie Wood dumping $149.85 million worth of the crypto exchange company’s stock.
This saw Ark Invest sell more than 580,000 shares of COIN stock last week. That came about as a reaction to COIN shares increasing in value alongside the latest crypto boom.
Part of Ark Invest’s guidelines include not having a single stock make up more than 10% of its value. Considering the increase in price of COIN stock recently, a selloff was necessary to maintain that mantra.
Thi reuslted in COIN stock sales from three of Cathie Wood’s Ark Invest exchange-traded funds (ETFs). That includes ARK Innovation ETF (NYSEARCA:ARKK), ARK Next Generation Internet ETF (NYSEARCA:ARKW), and Ark Fintech Innovation ETF (NYSEARCA:ARKF).
COIN Stock Movement on Monday
COIN stock continues to increase in value as more investors celebrate the recent crypto boom. That has COIN shares up 3.6% as of Monday morning. The stock is also up 69.7% since the start of the year.
Investors will note that some 2.4 million shares of COIN stock changed hands this morning. The company’s daily average trading volume is about 15 million shares.
There are even more stock market stories that traders are going to want to know about on Monday!
Fortunately, we have all of that news ready to go with our coverage of the hottest stock market stories today! A few examples include a new price target for Nvidia (NASDAQ:NVDA) stock and the latest news concerning shares of DHC Acquisition (NASDAQ:DHCA) and Semilux International (NASDAQ:SELX) stock. All of that is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
