Coinbase Stock Soars to 2022 High, Outpacing Crypto Markets as Ark Invest Sells to Lock in Profits
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Coinbase stock (COIN) has hit its highest price all year at $128, though still far below its all-time high of $343 in Nov 2021.
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COIN tends to follow crypto price volatility, but recently has greatly outperformed Bitcoin and Ethereum.
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Cathie Wood's Ark Invest sold $5.3M in COIN shares to take profits, and bought $1.2M in Robinhood stock.
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Ark Invest has routinely traded COIN shares all year, selling when price is up to take profits.
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Robinhood stock price has tracked closer to overall stock market rather than crypto prices.