ARK Invest, led by Cathie Wood, made a significant move by selling $33 million worth of Coinbase (COIN) stock on Tuesday, following the crypto exchange’s shares reaching a 19-month high, driven by the recent surge in Bitcoin’s (BTC) price.

The global asset manager, known for actively adjusting its portfolio in response to cryptocurrency market dynamics and broader fintech trends, executed the sale at the day’s closing price.

ARK Invest Offloads Coinbase Shares

The ARK Invest sale involved 237,572 COIN shares across three different exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).

Additionally, ARK Invest sold 168,127 shares in Grayscale’s Bitcoin Trust (GBTC), amounting to approximately $5.9 million. GBTC shares closed at $35.10 on Tuesday, reaching their highest since December 2021.

ARK Invest has a strategy of accumulating crypto-related shares at lower prices and divesting them during bullish market movements. The decision to sell Coinbase and GBTC shares coincided with Bitcoin’s recent 5% gain, pushing its price above $44,000 for the first time since April 2022.

The latest Coinbase shares sale represents one of ARK’s most significant daily divestitures in 2023, ranking third after a substantial 478,356 share sale on July 14 and a 248,838 share sale on July 17, both occurring when Coinbase stock traded around $105.

Coinbase’s Stock Surges 280%

Coinbase’s stock has experienced a remarkable upward trajectory, surging by 280% year-to-date in line with the bullish crypto market. COIN shares reached as high as $147.86 during the day, ultimately closing at $140.20, a level not seen since April 2022. Over the past 30 days, the stock has recorded an impressive nearly 70% increase, according to TradingView.

This surge has been driven by favorable market conditions and furth