ARK Invest Dumps 135K Coinbase Stocks Worth $12M

banner-image

As reported by Bloomberg, Cathie Wood, the American investor and the founder, CEO, and CIO of Ark Invest, sold 135,152 shares of cryptocurrency exchange Coinbase (COIN) on July 11. The transaction would net the company $12.05 million.

Coinbase Shares Pumped 60% Last Month

According to TradingView statistics, the share price of Coinbase has increased by over sixty percent in the last month, and has further risen over 140% year to date. Based on TradingView data, the stock soared over $90, rising from roughly $82 to as high as $90.9, a near one-year high. 

Surveillance-Sharing Agreements Drove Coinbase Prices Higher

The news came out shortly after the trading platform disclosed a surveillance-sharing deal with five spot bitcoin (BTC) exchange-traded fund (ETF) applicants. Moreover, the surge in Coinbase shares comes amid the exchange being sued by the US Securities and Exchange Commission for securities violations. 

Fear of missing out on the BlackRock spot Bitcoin ETF registration, which mentioned Coinbase as a “surveillance-sharing” partner, could be the primary driver of the increase.

ARK Invest Sold 160K Shares in March

Wood has discussed the recent spike in the price of Bitcoin during the height of the US financial meltdown in March. Notably, ARK liquidated 160,887 shares of Coinbase of the ARK Fintech Innovation ETF for $13.5 million, or about $84 per share, on March 21.

ARK Heavily Bought COIN Shares in the Past Few Months

Ark embarked on a buying spree, acquiring more than $18 million in shares across two of its Exchange Traded Funds (ETFs). In February, the company purchased up to 213,519 shares from the same funds. On May 1, ARK was reported to have purchased 129,604 bitcoins from Coinbase for its ARK Innovation exchange traded fund (ETF). 

Furthermore, the business purchased 23,456 Coinbase shares for its ARK Next Generation Internet ETF and 15,809 for its Fintech Innovation ETF. The entire purchase price for 168,869 Coinbase shares was about $8.5 million.

June 12, 2024

The biggest bank in Brazil Itau Unibanco has introduced Bitcoin and..

June 12, 2024

Chainlink, Dogwifhat, and Rebel Satoshi (RBLZ) Are 3 Cryptos Turn Your..

June 12, 2024

CMT Digital, known for its deep interest in the blockchain ecosystem..

ads-image ads-image