Cathie Wood’s Ark Invest Books Profit by Selling Coinbase Shares
Summary: Cathie Wood, the founder of Ark Invest, sold nearly $12 million worth of Coinbase (COIN) shares on Tuesday. Ark Invest, the fourth largest holding, has been a key investor in Coinbase for the last year. It decided to sell part of its Coinbase shares after seeing the company gain 10% to an intraday high of $92.15 before closing at $89.15.
Cathie Wood, who runs the investment management firm Ark Invest, sold Coinbase (COIN) shares on Tuesday, when the price set a new yearly high. Coinbase’s stock price continued to rise even after the US Securities and Exchange Commission (SEC) filed a lawsuit against the company because it had been chosen as a surveillance-sharing partner by many applications for spot Bitcoin ETFs.
On July 11, nearly $12 million worth of Coinbase (COIN) shares were sold by the top ARK Innovation ETF (ARKK), managed by Cathie Wood. This is the first time that ARK Innovation ETF has dumped COIN shares since July 26 of last year, as shown by the transaction history database.
Banking on Coinbase
In addition, ARK Fintech Innovation ETF (ARKF) dumped 160,887 shares of Coinbase (COIN) in March after amassing them over the course of the previous year. Ark Invest, which has been a key investment in Coinbase for the last year, is currently the fourth largest holding despite the market volatility, US government crackdown, and industry bankruptcy.
Cashing Out Profit
Cathie Wood’s Ark Invest decided to sell part of its Coinbase shares after seeing the company gain 10% to an intraday high of $92.15 before closing at $89.15. The Chicago Board Options Exchange (CBOE) named Coinbase as a partner in performing surveillance in agreements regarding the refiling of five spot Bitcoin ETFs.
Also, Cathie Wood is probably cashing in on her gains after seeing the price of Coinbase (COIN) grow 165% so far this year and 76% in the last month. After the market closed, the price of COIN shares increased even more.