• Ark Invest, an investment management firm owned by Cathie Wood, has sold off some of its Coinbase shares worth over $12 million.
• This is the second time this year that ARK Innovation ETF has reduced its stake in the crypto exchange giant.
• The selloff comes shortly after Coinbase stock witnessed a 16% increase to $92 after it entered a surveillance-sharing agreement with five companies applying for a spot bitcoin ETF.
Ark Investment’s Fund Makes First Coinbase Shares Dump
Cathie Wood’s investment management firm Ark Invest (ARK) recently sold off over 135,152 Coinbase (COIN) shares worth over $12 million based on COIN’s closing of $89.15 per share. This is the second time this year that ARK Innovation Exchange-Traded Funds (ETF), one of the funds managed by Ark Invest, reduced its stake in the cryptocurrency exchange giant.
In March 2021, ARK Fintech Innovation ETF offloaded over 160,000 shares at over $13.5 million due to a surge in price.
Afterwards, in June 2021 Ark Invest increased its portfolio by purchasing 419,324 Coinbase shares following a decrease in stock prices due to lawsuit from the Securities and Exchange Commission (SEC).
Recent Price Surge
Recently there has been another 16% increase in Coinbase’s stock price to $92 following an agreement between Coindesk and five other companies applying for a spot bitcoin ETF. This triggered Cathie Wood’s Ark Invest decision to again reduce their stake in Coinbase stocks by selling 135,152 shares worth more than $12 million dollars based on COIN’s closing of $89.15 per share .
It appears that Cathie Woods’ Ark Investment’s Firm is taking advantage of both positive and negative market movements regarding Coinbase stocks throughout 2021 as they continually adjust their portfolio accordingly.