CoinDesk Analysis Team
CoinDesk
Cathie Wood’s ARK Invest has sold $12 million worth of Coinbase’s (COIN) shares as the stock races to a near one-year high after the exchange announced a surveillance-sharing agreement with five spot bitcoin (BTC) exchange-traded fund (ETF) applicants.
As previously reported, Coinbase stock closed up 16% after the announcement on Thursday. Previously, the Securities and Exchange Commission (SEC) had inferred that comprehensive surveillance-sharing agreements were critical to getting spot bitcoin ETFs approved.
Across all of ARK’s funds, the tech-focused investment manager owns close to 11 million shares of Coinbase, making it one of the largest holders of the stock. Overall the Coinbase holding represents 6.2% of the total fund weightage for ARK.
(Cathie's Ark)
The estimated cost average for COIN across the various funds are, $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for ARK Next Generation Internet ETF (ARKW), according to market data.
In early June, ARK made a $21.6 million buy of Coinbase’s shares after the SEC’s lawsuit against the exchange sent its stock tumbling.
COIN closed nearly 10% higher at $89.15 on Tuesday and the stock is up 72% since the SEC sued the exchange on June 6.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.