ARK Invest, led by Cathie Wood, has continued its trend of selling shares in Coinbase (COIN), the popular cryptocurrency exchange. On July 14, ARK Invest sold another $50.5 million worth of Coinbase shares, cashing in on the recent rally in the cryptocurrency exchange stock.
ARK Invest Continues to Sell Coinbase Shares
ARK sold over 480,000 COIN shares across three different funds. Despite this sale, the tech-focused investment manager remains one of the largest holders of Coinbase stock, owning over 10.5 million shares.
Coinbase Shares’ Recent Performance
Coinbase shares recently rose to a one-year high of $107. This surge followed the exchange’s announcement of surveillance-sharing agreements with five spot bitcoin exchange-traded fund applicants. This development could potentially lead to the Securities and Exchange Commission (SEC) finally approving such a fund to be listed in the U.S.
Previous Sales by ARK
This isn’t the first time ARK has sold COIN shares following a rally. On July 11, ARK sold $12 million worth of COIN shares after the stock rallied to a then one-year high of around $89. As of the close of trading on Friday, shares of Coinbase were 1.58% lower at $105.31.
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