Cathie Wood’s ARK Sells $12 Million in Coinbase Stock as COIN Nears Yearly High

Cathie Wood’s ARK Invest has sold $12 million worth of Coinbase (COIN) stock as shares hit a nearly year-long high after the exchange announced a supervisory sharing deal with five traded-fund candidates exchange (ETF) bitcoin (BTC). .

As previously reported, Coinbase stock closed up 16% after Thursday’s announcement. Previously, the Securities and Exchange Commission (SEC) concluded that comprehensive oversight sharing agreements were essential to get bitcoin spot ETFs approved.

Across all of ARK’s funds, the tech-focused investment manager owns nearly 11 million shares of Coinbase, making it one of the largest stockholders. Overall, Coinbase’s stake represents 6.2% of the total fund weighting for ARK.

(Cathie's Ark)

(Cathie’s Ark)

The estimated average cost for COIN across the different funds is $239.60 for Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for Ark Fintech Innovation ETF (ARKF). ‘ARK Next Generation Internet (ARKW) ETF, according to market data.

In early June, ARK bought Coinbase shares for $21.6 million after the SEC’s lawsuit against the exchange sent its shares plummeting.

COIN closed almost 10% higher at $89.15 on Tuesday and the stock is up 72% since the SEC sued the exchange on June 6.

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