Crypto Bull Cathie Wood's Ark Invest Offloads Coinbase (COIN) Shares Worth Millions

Crypto bull Cathie Wood’s investment management firm Ark Invest sold Coinbase (COIN) shares as the stock price climbed year-to-date (YTD) high on Tuesday.

Despite the US Securities and Exchange Commission (SEC) lawsuit against Coinbase, shares of the crypto exchange kept rallying as spot Bitcoin ETF named Coinbase as their surveillance-sharing partner.

Also Read: XRP Lawyer, Ripple CTO Expect Judge Torres’ Summary Judgment In September

Cathie Wood’s Ark Invest Sells Coinbase Shares

On July 11, Cathie Wood’s flagship ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth more than $12 million. This marks the first sale of COIN stocks by ARK Innovation ETF since July 26 last year, according to transactions seen by CoinGape.

In March, ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares after a buying streak since last year. Ark Invest is the fourth-largest holder of Coinbase and continues its buying spree since last year despite crypto market volatility, US regulatory crackdown, and bankruptcies in the industry.

Cathie Wood’s Ark Invest decided to offload Coinbase shares as the stock price rallied 10% to hit an intraday high of $92.15, closing at $89.15. The rally came after a Chicago Board Options Exchange (CBOE) named Coinbase in surveillance-sharing agreements for five spot Bitcoin ETF refiling.

Crypto bull Cathie Wood selling Coinbase (COIN) shares hints at likely profit booking as stock price rallied 165% YTD and 76% in a month. COIN shares continue to move higher after market hours.

Meanwhile, ARK Innovation ETF (ARKK) price jumped over $47 on Tuesday, with a YTD rally of 55% as markets rebound amid positive sentiment.

Also Read: Bitcoin (BTC) Parabolic Rally To Take Post-Halving Price To $300K, Predicts Crypto Analyst

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Varinder Singh

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