ARK Invest Sells $12 Million Worth Of Coinbase Shares As COIN Rallies

TL;DR

• Cathie Wood’s ARK Invest has sold $12 million worth of Coinbase’s shares.

• COIN is closing in on a one-year high following Bitcoin’s recent rally.

Cathie Wood’s ARK Invest Reduces Its Position In Coinbase

Cathie Wood’s ARK Invest has sold $12 million worth of Coinbase’s (COIN) shares. This latest development comes as the stock price soared close to a one-year high.

COIN’s rally is fueled by Bitcoin’s recent positive performance that saw it reach the $31k mark. Furthermore, Coinbase’s stock price soared after the cryptocurrency exchange announced a surveillance-sharing agreement with five spot bitcoin (BTC) exchange-traded fund (ETF) applicants.

At the moment, numerous applicants, including BlackRock, Fidelity, and Valkyrie, have listed Coinbase as their surveillance-sharing partner, making Coinbase perhaps the most reputable cryptocurrency exchange in the United States. 

Listing Coinbase as their surveillance-sharing partner came after the United States Securities and Exchange Commission (SEC) notified applicants that comprehensive surveillance-sharing agreements were critical to getting spot bitcoin ETFs approved.

Across ARK Invest’s funds, the investment management firm currently holds around 11 million Coinbase shares, making it one of the largest COIN holders. 

ARK Invest continued to purchase more Coinbase shares despite the company’s ongoing court case with the US SEC. The investment manager purchased $21.6 million worth of Coinbase’s shares after the SEC filed a lawsuit against the cryptocurrency exchange in early June.