Sold shares accounted for just 0.14% of all shares held by ARK Invest.
Respected crypto-investor Cathie Wood, famous for her bullish stance toward Bitcoin (BTC), has decided to seize the moment and capitalize on a significant surge in Coinbase's stock prices.
A trade notification revealed that ARK let go of 135,152 shares in Coinbase, valued at around $12 million. The shares were unloaded from one of its prime exchange-traded funds (ETFs), the ARK Innovation ETF.
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Coinciding with the ARK's sale was a remarkable rise in the Coinbase stock price. On July 11th, the stock price momentarily exceeded $90, a significant jump from its initial value of approximately $82.
Upon the closure of Wood's sale, the stock ended the day at $89. At the time of writing, on July 12th, Coinbase stock continued to retail for $89.40 per share.
The Coinbase stock has witnessed a steady upswing in recent times. As per TradingView's records, the stock has climbed by more than 50% in the last month alone. Since the start of the year, the stock price has seen an impressive surge of over 140%.
This is not the first time this year that Wood has cashed in on her Coinbase shares. On March 21st, ARK sold off 160,887 Coinbase shares from its ARK Fintech Innovation ETF, approximately $13.5 million.
Simultaneously, while capitalizing on surges, Wood has been actively expanding her stock of Coinbase shares across several ARK funds. In May, ARK invested an estimated $8 million in Coinbase shares.
Meanwhile, the stock's rise has prompted several Coinbase executives, including CEO Brian Armstrong, to sell off their shares. On July 6th, Armstrong and other senior Coinbase executives jointly sold 88,058 shares, raking in approximately $6.9 million.
Coinbase's burgeoning stock price is surprising given its ongoing legal tussle with the United States Securities and Exchange Commission over an alleged securities violation.
The stock's soaring price is perceived as an effect of the market's fear of missing out on several recently filed spot Bitcoin ETFs, including the one from investment giant BlackRock, that have signed "surveillance-sharing" agreements with Coinbase.