Ark Invest Sells 135,152 Shares of Coinbase Global
On Tuesday, Ark Invest, led by Cathie Wood, sold 135,152 shares of Coinbase Global, a leading cryptocurrency exchange. This came on the same day that Coinbase stock rallied 9.78% due to optimism surrounding the potential approval of a bitcoin exchange-traded fund (ETF).
Main Breakdowns:
- Ark Invest, managed by Cathie Wood, sold 135,152 shares of Coinbase Global.
- The sale occurred on the same day that Coinbase stock rallied 9.78%.
- This rally was driven by expectations of a bitcoin ETF being approved.
- Cathie Wood’s Ark Innovation ETF reduced its holdings in Coinbase shares for the first time since July 26, 2021.
- The ETF currently holds $711.24 million worth of Coinbase shares, accounting for 8.25% of its total holdings.
Coinbase Stock Rally
Coinbase shares experienced a significant rally on Tuesday, surging 9.78% to reach their highest level since August of the previous year. This surge was largely attributed to Cboe’s submission of amendments for applications for five spot bitcoin ETFs on the same day. These amendments were made possible through surveillance-sharing agreements with Coinbase. As a result, Coinbase’s stock has risen by an impressive 165% year-to-date.
Hot Take
Ark Invest’s decision to sell a significant number of Coinbase shares on a day when the stock experienced a major rally suggests that the firm may have concerns about the sustainability of this rally. As the anticipation for a bitcoin ETF grows, it remains to be seen how it will impact Coinbase’s stock and the cryptocurrency market as a whole.
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