ARK Invest Sells $12 Million Worth of Coinbase Shares
ARK Invest, led by Cathie Wood, has recently sold $12 million worth of Coinbase shares as the stock reaches a near one-year high. This comes after Coinbase announced a surveillance-sharing agreement with five spot bitcoin ETF applicants, causing the stock to surge by 16%. The Securities and Exchange Commission (SEC) has indicated that such agreements are essential for the approval of spot bitcoin ETFs. ARK Invest currently holds approximately 11 million shares of Coinbase across its various funds, making it one of the largest holders of the stock. The estimated cost average for COIN in ARK’s funds ranges from $239.60 to $254.65. Despite a temporary dip due to the SEC’s lawsuit against Coinbase, the stock has rallied and is now up 72%.
Key Points:
– ARK Invest has sold $12 million worth of Coinbase shares.
– Coinbase’s stock surged by 16% after announcing a surveillance-sharing agreement with five spot bitcoin ETF applicants.
– The SEC sees such agreements as crucial for approving spot bitcoin ETFs.
– ARK Invest is one of the largest holders of Coinbase shares, owning approximately 11 million shares across its various funds.
– The estimated cost average for COIN in ARK’s funds ranges from $239.60 to $254.65.
Hot Take:
Despite the recent sale of Coinbase shares by ARK Invest, the stock has been performing exceptionally well. The announcement of a surveillance-sharing agreement with five spot bitcoin ETF applicants has boosted its value. ARK Invest’s decision to sell some shares may indicate a strategic move or profit-taking. Nevertheless, Coinbase’s strong performance and potential for further growth make it an intriguing investment opportunity.
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