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.
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