Cathie Wood’s ARK Invest Drop Off More Coinbase Shares as Stock Prices Rally Off
ARK Invest dropped off, worth more than $50 million Coinbase shares and investing in Meta and Robinhood market shares.
As Coinbase stock reaches a 52-week high, ARK Invest, the investment management firm led by Bitcoin bull Cathie Wood, has recently sold more of its shares in the crypto exchange, on Friday as the stock continued to rally off the back of rulings in the SEC’s case against Ripple.
Following ARK Invest’s significant acquisition of Coinbase shares during the bear market, the investment firm has sold off a portion of its Coinbase holdings for the second time this week. Meanwhile, Wood’s firm is actively investing in Meta Platforms and Robinhood Markets shares.
Trading information seen by Cointelegraph reveals that on July 14, ARK Invest sold a total of 478,356 Coinbase shares valued at $53 million, coinciding with the stock’s yearly high of $114.43.
In the transactions, Wood’s flagship fund ARK Innovation ETF sold 263,247 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 Coinbase shares, and ARK Fintech Innovation ETF offloaded 35,666 shares of the exchange.
The sales were Ark’s second during the week after it sold $12 million worth of Coinbase shares on Tuesday. The shares have rallied after Coinbase was listed as a surveillance-sharing partner for several spot bitcoin ETF applicants, including giants BlackRock and Fidelity. Plus more recently, legal rulings around the status of the cryptocurrency XRP has buoyed further industry optimism.
Ark Invest has started to pare its holding of Coinbase for the first time in almost a year. Still, it is the second-largest owner of Coinbase shares, with a 6.30% stake, according to CNN data.
In June, Wood initiated the purchase of Meta Platforms shares after the company announced the launch of Threads, a social media app similar to Twitter. ARK Innovation ETF acquired 69,793 Meta shares, while ARK Fintech Innovation ETF purchased 111,843 shares of Robinhood. Additionally, ARK Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares.
As per CoinMarketCap, the closing price of Coinbase stock on Friday stood at $105.31, with a 1.58% decline as investors secured their profits. During the week, the price surged by 33%, reaching a 24-hour high of $114.43, marking a year-to-date increase of 213%. In addition to the overall upswing in crypto-related stocks, Coinbase surged following a summary judgment in the United States Securities and Exchange Commission vs. Ripple lawsuit.
