Ark Invest cashes in $53M as Coinbase shares reach 12-month high

Ripple’s partial triumph successful tribunal sent shares of Coinbase soaring to a 12-month precocious of $114.43 connected July 14. Taking vantage of the terms bump, Ark Invest funds, led by seasoned capitalist Cathie Wood, partially divested holdings of Coinbase shares.

Trades viewed by CryptoSlate bespeak that Ark Invest exchange-traded funds (ETFs) sold a full of 478,356 Coinbase shares, worthy astir $53 cardinal connected Friday. ARK Fintech Innovation ETF unloaded 121,882 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 shares, and the flagship ARK Innovation ETF sold 263,247 shares, trading information shows.

The latest divestment comes conscionable 3 days aft Ark Invest cashed successful connected $12 million worthy of Coinbase shares. ARK Innovation ETF sold 135,152 Coinbase shares connected July 11.

Coinbase shares slumped somewhat to adjacent conscionable supra $105 connected Friday arsenic investors cashed successful connected profits. The terms of Coinbase shares roseate 32% this week, portion the year-to-date summation stood astatine 213.42% connected Friday.

Ark Invest had bought Coinbase shares worthy implicit $21 cardinal past month, the aforesaid time the speech was sued by the U.S. Securities and Exchange Commission (SEC).

What does the Ripple ruling person to bash with Coinbase?

In the Ripple ruling, the justice indicated that XRP traded connected secondary marketplaces are not securities. If cryptocurrencies traded connected exchanges are not securities, it importantly weakens the SEC’s lawsuit against Coinbase.

In different words, the crypto assemblage believes Coinbase could container a triumph by citing the XRP ruling arsenic a precedent to beryllium that the tokens traded connected its platforms are not securities.

Cathie Wood bags Meta and Robinhood shares

Cathie Wood’s Ark Invest funds importantly accrued their holdings of Meta and Robinhood shares connected Friday. Ark Invest funds bought 280,959 shares of Robinhood and 82,353 shares of Meta.

The trading information shows that ARK Innovation ETF purchased 69,793 Meta shares worthy implicit $21 million. ARK Fintech Innovation ETF bought 111,843 Robinhood shares worthy astir $1.4 million. Meanwhile, ARK Next Generation Internet ETF added 12,559 Meta shares and 169,116 Robinhood shares, worthy $3.9 cardinal and $2 million, respectively.

Meanwhile, Bloomberg reported connected Friday that Ark Invest funds are seeing outflows contempt the caller rallies.

The station Ark Invest cashes successful $53M arsenic Coinbase shares scope 12-month high appeared archetypal connected CryptoSlate.