Cathie Wood's Ark Invest Dumps $17M In Coinbase Shares As The Exchange Grappled With Disruption Amid Bitcoin Rally

Benzinga Neuro

February 28, 2024

On Wednesday, Cathie Wood-led Ark Invest made a significant move by selling over $17 million worth of Coinbase Global Inc (NASDAQ:COIN) shares. This decision came as the cryptocurrency exchange faced technical difficulties, a situation unfolding amid the soaring valuations of digital assets like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The Coinbase Trade

Ark Invest sold 86,298 Coinbase shares on Wednesday through its flagship ARK Innovation ETF (NYSE:ARKK). The transaction was valued at $17.33 million. For the day, Coinbase stock closed 0.8% higher at $200.80.

The sale came in the backdrop of the cryptocurrency trading platform’s outage on the same day. Coinbase experienced a significant disruption as Bitcoin reached new heights, touching $64,000.

Coinbase CEO Brian Armstrong acknowledged a significant increase in traffic, expressing regret for any inconvenience caused to users. Despite users encountering zero balances and transaction errors, Coinbase assured the safety of their assets and reported gradual improvements in trading by Wednesday afternoon, although some issues with logging in, transactions, and payment methods persisted due to the continued high traffic volume.

This sell-off by Ark Invest follows a pattern of reducing exposure to Coinbase, as detailed in earlier coverage, amidst a rallying Bitcoin. The apex cryptocurrency has experienced a nearly 45% surge this month which can be attributed to the upcoming supply halving event.

See Also: Why Are ARKK Investors Jumping Ship? Cathie Wood’s Poor Picks Lag Behind The Competition

Other Key Trades:

NVIDIA Corp (NASDAQ:NVDA) saw a reduction in 1,235 shares by Ark, aligning with the firm’s strategy to adjust its portfolio amidst the tech sector’s volatility. The sale was made through ARK Genomic Revolution ETF (BATS:ARKG) and was valued at nearly $959,138.
Investments in Unity Software Inc (NYSE:U) were increased across multiple funds, signaling a bullish stance on the gaming and software development platform.
Veracyte Inc (NASDAQ:VCYT) and 10X Genomics Inc (NASDAQ:TXG) purchases were notable, emphasizing Ark’s continued focus on healthcare and genomic innovation.

Image made via photos on Flickr by WEF and Shutterstock

Read Next:

Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

Weiss Gold Veteran Makes Shocking New Call - Ad

Utility Over Hype: ETF Launch Alert - Ad

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

ISTANBUL (AP) — Turkey’s energy minister issued a call for the supply of oil and gas in the Black Sea to be protected after three off the Turkish coast.

Putin says there are points he can't agree to in the US proposal to end Russia's war against Ukraine

Russian President Vladimir Putin says that some proposals in a U.S. plan to end are unacceptable to the Kremlin, indicating that any deal is still some way off despite intense shuttle diplomacy by American envoys.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

AI, electrification, battery storage, and data centers are pushing copper and silver demand sharply higher, even as supply stays tight. This region in Nevada offers rare multi-metal potential, and a new company has secured land in a district the surging district. It's one of the cleanest timing setups in the sector right now.

Bernie Sanders Says Likes Of Jeff Bezos And Elon Musk Now Own More Wealth Than 50% Of Americans Combined, Wonders If Thats What People Are Angry About

Sen. Bernie Sanders renews criticism of extreme wealth concentration, highlighting how tech billionaires Elon Musk, Jeff Bezos, and Mark Zuckerberg have more wealth than the bottom 50% of US households. Sanders calls it evidence of a rigged economy and compares the situation to millions struggling with poverty.

December Social Security Payments Might Come Early — But There's a Catch

The Social Security Administration is altering its payment schedule for December.

The Smart Money Copper Trade

The Smart Money Copper Trade - Ad

Quebec discovery. Strong grades. Roads and hydro in place. Funding secured for a busy drill calendar. Each assay can build scale and tighten the window for early entries as EVs and data centers pull harder on copper. Do not wait.

Luigi Mangione's court hearing continues on anniversary of UnitedHealthcare CEO's killing

NEW YORK (AP) — A high-stakes hearing in the New York murder case against continues Thursday, a year to the day after prosecutors say he gunned down UnitedHealthcare CEO .

Rahm Emanuel Urges Democrats To Get Tougher on Crime

Rahm Emanuel is urging Democrats to adopt a tougher, community-focused crime strategy as he weighs a potential 2028 presidential run.

They've Done It 20+ Times-Now They've Found a New Memecoin to Watch

They've Done It 20+ Times-Now They've Found a New Memecoin to Watch - Ad

Our analysts have built one of the most reliable track records in the memecoin space by recognizing early momentum signals many traders overlook. Their newest pick shows several of the same early indicators found in past standout performers. Get the details before this story spreads.

Can AI ever be funny? Some comedians embrace AI tools but they're still running the show

A baby and his family dog sit across from each other in a podcast studio.

Cathie Wood Dumps $11.6 Million Worth Of Tesla Stock: Here Is What Ark Purchased Instead

On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Tesla Inc. (NASDAQ:TSLA), Coinbase Global Inc.

The Next ETF Era Begins with Payments

The Next ETF Era Begins with Payments - Ad

After Solana and Hedera, another digital-asset ETF has arrived and it targets global money movement.

Trump-Pardoned Ponzi Schemer Faces 37-Year Sentence For $44 Million COVID Scam

A previously convicted Ponzi schemer who had received a pardon from President Trump is heading back to prison due to involvement in a new fraudulent scheme.

Scaramucci Says This One US Mistake Helped China Become a Manufacturing Superpower

Anthony Scaramucci recently highlighted what he considers a significant error by the US that enabled China to ascend as a manufacturing superpower.

D.C.'s Quiet Plan for a New Tech Era

D.C.'s Quiet Plan for a New Tech Era - Ad

Why did federal agencies receive orders to "clear the runway" for a phenomenon most Americans haven't even heard of yet? And why are billionaires rushing in weeks before January 1? Whitney Tilson decoded the pattern.

Salesforce, Snowflake, UiPath, iRobot, And Netflix: Why These 5 Stocks Are On Investors' Radars Today

CRM, SNOW, PATH, IRBT, NFLX were among the stocks seen trending among investors on Wednesday, Dec. 3, 2025.

Trump commutes prison sentence for former private equity executive David Gentile

HALLANDALE BEACH, Fla. (AP) — President has commuted the prison sentence of former investment manager David Gentile, who was convicted of defrauding investors — the latest in a Trump has taken in .

$270,000 Drug. One Competitor. Billion-Dollar Market.

$270,000 Drug. One Competitor. Billion-Dollar Market. - Ad

Phase 3 trial targets recurrent pericarditis with an oral therapy that could disrupt the only approved treatment. And their heart failure program launches in 2026.

Iran confirms seizure of oil tanker in the Strait of Hormuz

TEHRAN, Iran (AP) — Iran on Saturday confirmed as it traveled through the narrow Strait of Hormuz over violations including carrying an illegal consignment, state media reported.

Why Is Symbotic (SYM) Stock Trending Overnight?

Symbotic shares are moving higher overnight following after-hours trading gains and recent analyst and insider activity.

The Repeatable Strategy Behind 20+ Early Memecoin Wins (Revealed)

The Repeatable Strategy Behind 20+ Early Memecoin Wins (Revealed) - Ad

Few analysts have been able to consistently spot strong memecoin setups, but our team has developed a repeatable framework that has helped them identify high-momentum plays early. Now they've uncovered a new project showing similar characteristics, and they want you to see the full breakdown yourself.

Venmo users have trouble sending and receiving money amid service outage

Users of the payment app Venmo experienced trouble sending and receiving money on Wednesday amid widespread social media posts about service issues.

Bitcoin Gains As Weak Jobs Data Bolsters Fed Rate Cut Hopes; Ethereum, Dogecoin, XRP Also Spike: Analyst Predicts BTC Testing $100,000 This Month

Leading cryptocurrencies lifted alongside stocks on Wednesday, as soft private jobs data strengthened investor hopes that the Federal Reserve would slash interest rates next week.

Weiss Gold Veteran Makes Shocking New Call

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

New York advances casinos at a Bronx golf course and near Mets stadium

NEW YORK (AP) — Casinos proposed for a golf course in the Bronx and next to the New York Mets’ ballpark are poised to cash in on a for the New York City area.

Bill Gates' Daughter Phoebe's AI Shopping Assistant Found Collecting Extensive User Data: Report

Phia, co-founded by Phoebe Gates, has been found collecting extensive user data through its browser extension, raising privacy concerns.

Utility Over Hype: ETF Launch Alert

Utility Over Hype: ETF Launch Alert - Ad

This ETF isn't about speculation, it's about infrastructure. Seconds-level settlement, low fees, and institutional custody.

Here's why everyone's talking about a 'K-shaped' economy

WASHINGTON (AP) — From corporate executives to Wall Street analysts to Federal Reserve officials, references to the “K-shaped economy” are rapidly proliferating.

Hours After Marjorie Taylor Greene's Public Rebuke, Trump Responds With Restraint: 'She's A Nice Person'

President Trump has changed his perspective on MTG after her unexpected resignation from Congress.

The $43B Big Pharma Story is Starting Over-With a New Player

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

Trump's Approval Rating Hits Lowest Since Returning To Office, With Support Falling Among Republicans, Independents

Trump's approval rating hits new low as Republican and independent support drops. Economy, immigration, and budget handling are major concerns.

Jeff Bezos Says Almost Everyone Focuses On What The Next 10 Years Will Look Like—Here's What People Should Ask Instead

Amazon's latest surge in AWS growth and AI focus suggests that Jeff Bezos' long-standing philosophy of building around unchanging customer needs is continuing to shape the company's success more than a decade later.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

Scrapyard workers recount horrific scene after UPS plane crash destroyed their Kentucky business

LOUISVILLE, Ky. (AP) — Supervisor Adam Bowman was loading metal onto a truck at a scrapyard just south of the Louisville, Kentucky, airport when he heard what he first thought was a transformer explosion and quickly realized was more horrific.

Weekend Round-Up: TSMC Trade Secrets Lawsuit, Google Deepmind Scientist's Market Slam, Baidu Layoffs, Amazon's Court Victory And More

From allegations of trade secret leaks at Taiwan's TSMC to layoffs at Baidu Inc, here's a recap of tech news this week.

The Smart Money Copper Trade

The Smart Money Copper Trade - Ad

Buffett's Big Bet Banks Billions: Here's How Much Berkshire Hathaway Is Up On Alphabet

Buffett and his investment team at Berkshire Hathaway unveiled an investment in Alphabet stock in the second quarter.

Asian shares retreat in cautious trading ahead of Nvidia profit report

TOKYO (AP) — Asian shares retreated in cautious trading Wednesday ahead of an earnings report from that is seen as a bellwether for the recent craze for artificial intelligence technology.

They've Done It 20+ Times-Now They've Found a New Memecoin to Watch

They've Done It 20+ Times-Now They've Found a New Memecoin to Watch - Ad

Eric Trump Lauds Bitcoin: 'Send $500 Million On A Sunday Night, Virtually No Fees'

Eric Trump has doubled down on his pro-crypto stance, promoting Bitcoin (CRYPTO: BTC) as a fix for inefficiencies in traditional finance and calling i

Trending Now