Cryptocurrency NewsCathie Wood's ARK Invest Cashes In on Coinbase, Sells 135K Shares as...

Cathie Wood’s ARK Invest Cashes In on Coinbase, Sells 135K Shares as Price Hits $90

ARK Invest, an investment management firm, has recently sold a portion of its holdings in Coinbase as the cryptocurrency exchange’s stock reaches a nearly one-year high.

On Tuesday, ARK Invest sold 135,152 Coinbase shares, equivalent to approximately $12 million, from its ARK Innovation ETF, which is one of its prominent exchange-traded funds.

This sale represents around 0.14% of the total holdings of the fund, according to data from Bloomberg.

Related: Understanding Crypto Airdrops: Earning Money in 2023

The decision to sell came as Coinbase stock surged by 9.8% on that day, driven by excitement surrounding the exchange’s surveillance-sharing agreement with five spot Bitcoin (BTC) ETF applicants.

It is worth noting that this is not the first time ARK Invest has sold Coinbase shares this year. In March, the company sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million, at an average price of approximately $84 per share.

The recent sales of Coinbase shares by ARK Invest coincide with a period of upward momentum for the stock. TradingView data indicates that Coinbase shares have experienced a significant uptrend, with a more than 60% increase in the past month and a year-to-date surge of over 140%.

ARK Invest, led by Cathie Wood, has been actively accumulating Coinbase stock across multiple ARK funds. In June alone, the investment firm purchased approximately $40 million worth of Coinbase shares. Prior to that, they acquired around $33 million of shares in both April and May. In March, they made a substantial purchase of $117 million worth of Coinbase shares.

Based on market data, the estimated cost averages for COIN across various ARK funds are as follows: $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for the ARK Innovation ETF (ARKK), and $242 for the ARK Next Generation Internet ETF (ARKW).


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