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Cathie Wood's ARK Sells $12M Coinbase Shares as COIN Nears Yearly High
ARK currently owns 11.03 million shares of Coinbase.
Updated Jul 12, 2023, 3:28 p.m. Published Jul 12, 2023, 5:44 a.m.
Cathie Wood’s ARK Invest has sold $12 million worth of Coinbase’s (COIN) shares as the stock races to a near one-year high after the exchange announced a surveillance-sharing agreement with five spot bitcoin exchange-traded fund (ETF) applicants.
As previously reported, Coinbase stock rose over 16% on Tuesday after the announcement. Previously, the Securities and Exchange Commission (SEC) had inferred that comprehensive surveillance-sharing agreements were critical to getting spot bitcoin ETFs approved.
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Across all of ARK’s funds, the tech-focused investment manager owns close to 11 million shares of Coinbase, making it one of the largest holders of the stock. Overall the Coinbase holding represents 6.2% of the total fund weightage for ARK.
The estimated cost average for COIN across the various funds are, $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for ARK Next Generation Internet ETF (ARKW), according to market data.
In early June, ARK made a $21.6 million buy of Coinbase’s shares after the SEC’s lawsuit against the exchange sent its stock tumbling.
COIN closed nearly 10% higher at $89.15 on Tuesday and the stock is up 72% since the SEC sued the exchange on June 6.
UPDATE (July 16, 10:30 UTC): Corrects stock move in second paragraph.
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