Text size
Coinbase stock soared to its highest level in nearly a year due to excitement over its possible role in a Bitcoin ETF.
David Myslivec/Dreamstime.com
Cathie Wood’s flagship fund sold shares of
Coinbase
Global as the cryptocurrency exchange’s share price races over its role in the proposed launch of a Bitcoin exchange-traded fund.
THE
ARK Innovation ETF
(ticker: ARKK) sold 132,152 shares of
Coinbase
(COIN), according to a trade notification emailed Tuesday.
Those shares would be worth around $11.8 million at Coinbase’s closing price of $89.15 on Tuesday. The stock rose nearly 10% the day after news broke that a Bitcoin ETF project to be launched by Cboe BZX Exchange would include supervisory sharing agreements with Coinbase.
Wood’s ARK Invest is one of the largest holders of Coinbase shares outside of the company’s own executives and has been a keen buyer this year even as the crypto exchange faces a lawsuit from the Securities and Exchange. Commission. The latest sale represents only a small portion of ARKK’s total stake in Coinbase, which made up more than 8% of the ETF’s assets, at a market value of more than $711 million on Wednesday.
Write to Adam Clark at adam.clark@barrons.com