Cathie Wood's ARK Sells $12M Coinbase Shares as COIN Nears Yearly High

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Cathie Wood's ARK Sells $12M Coinbase Shares as COIN Nears Yearly High

Coindesk2023/07/12 05:44

By:Sam Reynolds

ARK currently owns 11.03 million shares of Coinbase.

MIAMI, FLORIDA - APRIL 7: Cathie Wood, chief executive officer and chief investment officer, Ark Invest, gestures as she speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida. The world's largest bitcoin conference runs from April 6-9, expecting over 30,000 people in attendance and over 7 million live stream viewers worldwide.(Photo by Marco Bello/Getty Images)

Cathie Wood’s ARK Invest has sold $12 million worth of Coinbase’s (COIN) shares as the stock races to a near one-year high after the exchange with five spot bitcoin (BTC) exchange-traded fund (ETF) applicants.

As previously reported, up 16% after the announcement on Thursday. Previously, the Securities and Exchange Commission (SEC) had inferred that were critical to getting spot bitcoin ETFs approved.

Across all of ARK’s funds, the tech-focused investment manager owns close to 11 million shares of Coinbase, making it one of the largest holders of the stock. Overall the Coinbase holding represents 6.2% of the total fund weightage for ARK.

The estimated cost average for COIN across the various funds are, $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for ARK Next Generation Internet ETF (ARKW), according to .

In early June, ARK made a after the sent its stock tumbling.

COIN closed nearly 10% higher at $89.15 on Tuesday and the stock is up 72% since the SEC sued the exchange on June 6.

Edited by Parikshit Mishra.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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