Cathie Wood's ARK Invest Cashes In on Coinbase, Sells 135K Shares as Price Hits $90
Investment management firm ARK Invest has offloaded a portion of its Coinbase holdings as the crypto exchange's stock races to a near one-year high.
On Tuesday, Cathie Wood’s investment firm sold 135,152 Coinbase shares, worth around $12 million, from one of its major exchange-traded funds (ETF), the ARK Innovation ETF.
The amount sold accounts for 0.14% of the fund’s total holdings, according to data compiled by Bloomberg.
The move came after Coinbase stock gained 9.8% on the day amid excitement around the exchange's surveillance-sharing agreement with five spot Bitcoin (BTC) ETF applicants.
Notably, this is not the first time Ark Invest has sold Coinbase shares so far this year.
Back in March, the company offloaded 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million, roughly $84 per share.
The sales come as Coinbase shares have been on an uptrend as of late.
According to TradingView data, Coinbase stock is up more than 60% over the past month, while the year-to-date increase is more than 140%.
As reported, Woods' Ark Invest has been aggressively accumulating Coinbase stock in multiple ARK funds.
In June alone, ARK purchased about $40 million of Coinbase shares. Previously, the investment firm bought around $33 million of shares in April and May, as well as $117 million worth of Coinbase shares in March.
According to market data, the estimated cost average for COIN across the various funds are, $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for ARK Next Generation Internet ETF (ARKW.
The rise of Coinbase stock comes despite the exchange facing increasing regulatory scrutiny in the US.
Just last week, the US Securities and Exchange Commission cl
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