On Monday, Cathie Wood-led Ark Invest made a notable move by selling shares of Coinbase Global Inc. (NASDAQ:COIN) across its ETFs. This decision comes as Coinbase has been riding a wave of optimism in the cryptocurrency market, fueled by Bitcoin’s (CRYPTO: BTC) ascent and Coinbase’s recent inclusion in the S&P 500.

The Coinbase Trade

Ark Invest’s decision to sell Coinbase shares on Monday involved two of its ETFs: Ark Fintech Innovation ETF (BATS:ARKF) and ARK Next Generation Internet ETF (BATS:ARKW). The ARKF fund offloaded 6,404 shares, while ARKW sold 730 shares. On Monday, COIN ended the day higher by 2.1% at $256.63. The Ark transactions were valued at $1.83 million.

This move comes in the wake of Coinbase’s impressive performance, which saw its stock soar nearly 30% in the past month. The surge was driven by the company’s historic inclusion in the S&P 500 and renewed optimism in the cryptocurrency sector.

Coinbase’s recent rally has been fueled by Bitcoin’s impressive surge past the $100,000 mark. The cryptocurrency reached an all-time high of $111,970.17 on May 23. In the past 24 hours, BTC gained nearly 4% to trade at $109,908.99 -- 1.9% below its record high.

This rally has sparked optimism among investors, leading to increased interest in companies like Coinbase, which have been riding the crypto wave. However, questions remain about whether these companies can maintain their momentum in the face of potential market volatility.

Other Key Trades:

• Sold 154,516 shares of UiPath Inc (PATH) in ARKQ.
• Bought 8,222 shares of L3Harris Technologies Inc (LHX) in ARKQ and 2,522 shares in ARKX.
• Bought 25,034 shares of Veracyte Inc (VCYT) in ARKK.
• Sold 28,569 shares of 3D Printing ETF (PRNT) in ARKX.

Benzinga's Edge Stock Rankings indicate Coinbase checks out on Short, Medium and Long Price Trends. Here is how the stock fares on other metrics.

Photo Courtesy: ChrisStock82 on Shutterstock.com

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal