Cathie Wood’s investment management firm Ark Invest (ARK), one of Coinbase’s largest joint holders, has sold some of its stock worth more than $12 million.
according to bloombergThe ARK Innovation exchange-traded funds (ETF), a fund managed by Ark Invest, has reduced its stake in cryptocurrency exchange giant Coinbase, by selling 135,152 shares of Coinbase (COIN) valued at over $12 million based on the COIN closing of $89.15 per share.
This is the second time that Cathie Wood’s Ark Invest has benefited from a rally in Coinbase’s share price in 2022. The ARK Fintech Innovation ETF offloaded more than 160,000 shares worth more than $13.5 million in March.
In June, Ark Invest increased its portfolio by purchasing 419,324 shares of Coinbase after a lawsuit filed by the Securities and Exchange Commission (SEC) against the company caused a 21% drop in its shares.
(embed) https://www.youtube.com/watch?v=tfuAu0fGaII (/embed)
Meanwhile, the sale comes shortly after Coinbase stock soared 16% to $92 after the cryptocurrency exchange entered into a watch-sharing agreement with five companies that applied for a bitcoin spot ETF.