Cathie Wood is taking profits from ARK Invest’s Coinbase holdings by selling a small portion of its COIN stash.
Cathie Wood’s ARK Sells 135k Coinbase Shares as COIN Reaches $90
Pro-Bitcoin (BTC) Investment veteran Cathie Wood is taking some profits from ARK Invest’s large Coinbase (COIN) holdings by selling a small portion of its COIN stash.
On July 11, Wood’s investment firm ARK offloaded 135,152 Coinbase shares ($12 million) from one of its major exchange-traded funds, the ARK Innovation ETF (ARKK). According to the trade notification seen by Cointelegraph, the amount that was sold made up 0.14% of the total holdings of the fund.
The sale comes as the Coinbase stock price has been seeing a sharp increase. On July 11, COIN briefly surpassed $90, surging from around $82 to as high as $90.9, according to data from TradingView. Following Wood’s sale, the stock closed at $89 on Tuesday.
According to TradingView data, Coinbase stock is up more than 60% over the past month, while the year-to-date increase is more than 140%.
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