Cathie Wood’s ARK Invest Sells $50.5 Million Worth of Coinbase Shares
ARK Invest, a tech-focused investment manager, has sold $50.5 million worth of Coinbase shares on July 14. This move was prompted by the recent rally in the cryptocurrency exchange stock. ARK sold over 480,000 COIN shares across three different funds. As it stands, ARK owns over 10.5 million shares in Coinbase, making it one of the largest holders of the stock.
Key Points:
- ARK Invest sold $50.5 million worth of Coinbase shares on July 14.
- The sale was driven by the recent rally in the cryptocurrency exchange stock.
- Over 480,000 COIN shares were sold across three different funds.
- ARK is currently one of the largest holders of Coinbase stock, owning over 10.5 million shares.
- Coinbase shares reached a one-year high of $107 after the announcement of surveillance-sharing agreements with five spot bitcoin exchange-traded fund applicants.
This recent sale followed another transaction on July 11, where ARK sold $12 million worth of COIN shares. At that time, Coinbase shares had rallied to a one-year high of around $89. The stock closed at $105.31, a 1.58% decrease, on Friday.
Hot Take:
While ARK Invest’s decision to sell Coinbase shares may seem surprising given the recent rally, it shows the investment manager’s strategy of capitalizing on short-term gains. As the cryptocurrency market continues to be volatile, ARK is taking advantage of the price surge to secure profits. However, with Coinbase’s strategic partnerships and potential breakthrough in SEC approval, it remains to be seen if this decision will pay off in the long run.
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