Cathie Wood’s ARK Sells 135K Coinbase Shares as Price Surges Past $90
In a move to secure gains, Cathie Wood, the pro-Bitcoin investment veteran, has decided to sell a small portion of ARK Invest’s significant Coinbase holdings.
On July 11, Wood’s renowned investment firm, ARK, offloaded 135,152 Coinbase shares, amounting to $12 million, from its prominent exchange-traded fund (ETF), the ARK Innovation ETF. This sale constituted a mere 0.14% of the fund’s overall holdings.
Interestingly, this decision comes at a time when the price of Coinbase stock has experienced a rapid upswing. On July 11, the price momentarily surged above $90, soaring from approximately $82 to a high of $90.9, according to TradingView data. Following the sale by Wood, the stock closed at $89 on Tuesday.
Data from TradingView indicates that Coinbase stock has witnessed an impressive growth of over 60% in the past month, with a year-to-date increase of more than 140%.
This recent sale of Coinbase shares marks the second time this year that Wood has chosen to secure profits from the popular cryptocurrency exchange. On March 21, ARK sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for $13.5 million, fetching roughly $84 per share.
Prior to this profit-taking move, Wood had actively been accumulating Coinbase stock in various ARK funds. In June alone, ARK purchased approximately $40 million worth of Coinbase shares. Previously, the investment firm had acquired around $33 million of shares in both April and May, along with a staggering $117 million worth of shares in March.
Notably, several Coinbase executives, including CEO Brian Armstrong, have also been selling their shares as the stock price rallied in recent months. On July 6, Armstrong and a few other senior Coinbase executives collectively sold 88,058 shares valued at approximately $6.9 million at the time.
Furthermore, Coinbase’s Chief Accounting Officer, Jennifer Jones, liquidated 74,375 shares on June 29, generating $5.2 million.
Remarkably, despite facing a securities violation lawsuit from the United States Securities and Exchange Commission, Coinbase’s stock has continued to rise. The surge in price could be attributed to the fear of missing out on the BlackRock spot Bitcoin ETF filing, which designated Coinbase as a “surveillance-sharing” partner.
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.