Cathie Wood's asset technology-focused investment firm ARK Invest sold nearly $4 million worth of Coinbase (NASDAQ: COIN) — one of the largest cryptocurrency-related stocks — as... Bitcoin The rest of the cryptocurrency market took a hit after a period of massive gains.

ARK's Ark Fintech Innovation ETF (ARKF) offloaded 13,780 shares of COIN stock worth $3.9 million, data showed on Wednesday.

COIN is now at $274 per share, down 2% on the day. Over five days, it fell by 13%.

Wood's investment firm is one of the largest investors in Coinbase, America's largest cryptocurrency exchange that went public in 2021. ARK Invest is heavily involved in technology stocks and companies related to the field of artificial intelligence and cryptocurrencies. The company still owns more than 2.45 million shares of COIN worth $672 million.

This is not the first time that ARK has dumped COIN shares while rebalancing its investment portfolio, and sometimes it makes significant sales - e.g. Discharge of approximately $52 million One payment in March

Bitcoin touched Tuesday's new all-time high of $108,135, According to to CoinGecko, where it rose by double digits over seven days.

But then Federal Reserve Chairman Jerome Powell gave a speech on Wednesday that was more hawkish than expected, revealing that the central bank would not cut significantly in 2025 after its latest interest rate cuts.

Price of Bitcoin and other major cryptocurrencies and tokens decreased sharply In the news - along with US stocks. The decline did not accelerate until Thursday.

Bitcoin is currently at $97,430 after falling nearly 4% in the last day. The largest digital assets by market capitalization - along with technology stocks - have soared this year, especially after the election of Donald Trump on November 5.

The former president, who will have another chance to run America in January, has promised to reduce regulation and help the digital asset industry. He has already hired Silicon Valley tech visionaries to help run his administration.

Modified by Andrew Hayward