Cathie Wood’s ARK sells 135k Coinbase shares as COIN hits $90

Pro-Bitcoin (BTC) Investment seasoned Cathie Wood is taking immoderate profits from ARK Invest's ample Coinbase (COIN) holdings by selling a tiny information of its COIN stash.

On July 11, Wood’s concern steadfast ARK offloaded 135,152 Coinbase shares ($12 million) from 1 of its large exchange-traded funds, the ARK Innovation ETF (ARKK). According to the commercialized notification seen by Cointelegraph, the magnitude that was sold made up 0.14% of the full holdings of the fund.

The merchantability comes arsenic the Coinbase banal terms has been seeing a crisp increase. On July 11, COIN concisely surpassed $90, surging from astir $82 to arsenic precocious arsenic $90.9, according to information from TradingView. Following Wood’s sale, the banal closed astatine $89 connected Tuesday.

According to TradingView data, Coinbase banal is up much than 60% implicit the past month, portion the year-to-date summation is much than 140%.

Coinbase (COIN) 7-day terms chart. Source: TradingView

The caller COIN merchantability by ARK is the 2nd clip Wood has taken profits from Coinbase shares this year. On March 21, ARK sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF (ARKF) for $13.5 million, oregon astatine astir $84 per share.

Before taking the caller profits from ARK’s COIN holdings, Wood has been actively accumulating Coinbase banal successful aggregate ARK’s funds. In June alone, ARK purchased astir $40 million successful Coinbase shares. Previously, the concern steadfast bought astir $33 cardinal successful Coinbase shares successful May and April, arsenic good arsenic $117 cardinal worthy of Coinbase shares successful March.

Related: Coinbase was alert of securities instrumentality violations, SEC claims successful letter

Multiple Coinbase executives, including CEO Brian Armstrong, person been selling their shares arsenic Coinbase shares rallied implicit the past months. On July 6, Armstrong and respective different elder Coinbase execs sold a combined full of 88,058 shares worthy astir $6.9 cardinal astatine the time. Previously, Coinbase main accounting serviceman Jennifer Jones besides offloaded 74,375 Coinbase shares connected June 29, netting $5.2 million.

The emergence of Coinbase banal comes contempt the speech facing a securities usurpation suit from the United States Securities and Exchange Commission. The maturation is seemingly mostly attributed to the fearfulness of missing retired (FOMO) astir the BlackRock Bitcoin ETF, which named Coinbase arsenic “surveillance-sharing” partner.

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