Crypto Flash: Cathie Wood's ARK Sells 135K Coinbase Shares as COIN Hits $90
Cathie Wood’s ARK sells 135k Coinbase shares as COIN hits $90

Crypto Market on the Rise

Pro-Bitcoin (BTC) investor Cathie Wood is taking advantage of ARK Invest’s big Coinbase holdings by selling a small portion of its shares. On July 11, ARK sold 135,152 Coinbase shares ($12 million) from its ARK Innovation ETF, making up 0.14% of the fund’s total holdings.

The Coinbase stock price has been rapidly increasing, with COIN surpassing $90 on July 11, surging from around $82 to as high as $90.9, according to data from TradingView. Following Wood’s sale, the stock closed at $89 on Tuesday.

Crypto enthusiasts have been keeping a close eye on the market, with Coinbase stock up more than 60% in the past month and over 140% year-to-date, as seen on TradingView.

ARK Fintech Innovation ETF (ARKF) Profits from Coinbase Shares

The ARK Fintech Innovation ETF (ARKF) recently sold 160,887 Coinbase shares for a total of $13.5 million, or roughly $84 per share. This is the second time this year that the fund has taken profits from its Coinbase holdings. In June alone, ARK invested approximately $40 million in Coinbase shares, and had already purchased around $33 million in Coinbase shares in May and April, as well as $117 million worth of Coinbase shares in March.

Several Coinbase executives, including CEO Brian Armstrong, have sold their shares as the stock has been on the rise. Armstrong and other senior Coinbase execs sold a combined total of 88,058 shares worth about $6.9 million on July 6th. On June 29th, Coinbase chief accounting officer Jennifer Jones offloaded 74,375 Coinbase shares, netting $5.2 million.

The surge in Coinbase stock is likely due to the FOMO surrounding the BlackRock Bitcoin ETF, which named Coinbase as its “surveillance-sharing” partner, despite the exchange facing a securities violation lawsuit from the United States Securities and Exchange Commission.

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