ARK Sells 135K Coinbase Shares as Price Hits $90: Cathie Wood Reacts

Proponent of Bitcoin and veteran investor Cathie Wood has decided to take some profits from ARK Invest’s significant holdings in Coinbase by selling a small portion of the shares.

On July 11, Wood’s investment firm, ARK, sold 135,152 Coinbase shares (equivalent to $12 million) from one of its major exchange-traded funds, the ARK Innovation ETF. The trade notification viewed by CryptoGrafos indicated that the amount sold accounted for only 0.14% of the total holdings in the fund.

The sale comes as the price of Coinbase stock experiences a notable increase. On July 11, the price briefly surpassed $90, surging from around $82 to a high of $90.9, according to TradingView data. Following Wood’s sale, the stock closed at $89 on Tuesday.

Data from TradingView shows that Coinbase stock has risen by over 60% in the past month, with a year-to-date increase of more than 140%.

This recent sale by ARK is the second time Wood has taken profits from Coinbase shares this year. On March 21, ARK sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for approximately $13.5 million, at an average price of around $84 per share.

Before realizing fresh profits from ARK’s Coinbase holdings, Wood had been actively accumulating the stock in multiple ARK funds. In June alone, ARK purchased approximately $40 million worth of Coinbase shares. Previously, the investment firm bought around $33 million of shares in April and May, as well as $117 million worth of Coinbase shares in March.

Coinbase executives, including CEO Brian Armstrong, have also been selling their shares as the price has rallied in recent months. On July 6, Armstrong and several other senior executives sold a combined total of 88,058 shares worth approximately $6.9 million at the time. Prior to that, Coinbase’s chief accounting officer, Jennifer Jones, sold 74,375 shares on June 29, netting $5.2 million.

Despite facing a securities violation lawsuit from the U.S. Securities and Exchange Commission, Coinbase stock continues to rise. The growth can be attributed, in part, to the fear of missing out on the BlackRock spot Bitcoin ETF filing, which designated Coinbase as a “surveillance-sharing” partner.

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