Investment Cathie Wood’s Firm ARK Sells 135K Coinbase shares as it Realizes $90
Cathie Wood’s investment vehicle ARK benefited from a healthy margin as it offloaded a portion of the Coinbase stash. The investment firm disposed of 135152 shares of the US’s largest crypto exchange.
Cathie Wood is set to profit in the sale as Coinbase shares exchanged hands at a $90 price level. The crypto exchange is weathering the legal battles to sustain the uptrend momentum. The gain allows the pro-Bitcoin investment firm to garner a healthy margin from the small portion.
Coinbase Surge Tempts Wood to Earn Profit From Stock Sale
The trade notification indicates that the sale of 135152 Coinbase shares yielded a $12 million inflow to the ARK. The offload occurred within one of the exchange-traded funds (ETF) identified as the ARKInnovation ETF. Nonetheless, the units sold only constitute 0.14% of the ARK holdings.
On Tuesday, July 11, the ARK sale coincided with the Coinbase stock price rally to realize $90 from $82. The price would rally further to realize a day’s high of $90.9, per TradingView data. The stock would close the day at $89. A review of TradingView data shows that Coinbase stock has surged by 60% in the past month. The bullish momentum leaves the Coinbase stock with a year-to-date growth surpassing 140%.
The July 11 sale is the second instance that Wood is reaping profits from offloading a portion of the Coinbase stock in 2023. A revisit of the first quarter illustrates that ARK offloaded 160887 shares at $84 per unit from the ARK Fintech Innovation ETF, translating to $13.5 million in earnings.
Before the second sale from Coinbase holdings, Wood actively accumulated the stock using various ARK funds. A revisit of April and May activities saw the investment firm spend $33 million in acquiring shares. ARK had topped up the holding a month earlier with $117 million worth of shares. The Coinbase shares’ acquisitions in June amounted to $40 million.
Wood’s ARK Replicate Sale Initiated by Coinbase Executives
Wood’s sale of the Coinbase shares replicates the recent moves by various Coinbase executives. Brian Armstrong is leading fellow executives in selling Coinbase shares. On Thursday, June 6, the chief executive offloaded 88058 shares yielding $6.9 million.
Armstrong echoed the move by Coinbase chief accounting executive Jennifer Jones who on June 29 realized $5,2 million from selling 74,375 shares. Consequently, Wood’s decision to sell the Coinbase stock portrays a need to profit from the recent rally.
Coinbase surge defies the speculators who projected the stock to plunge following the lawsuit alleging securities violation by the US Securities and Exchange Commission (SEC). The bullish steam arises from the naming of Coinbase by the asset management firm BlackRock as its surveillance-sharing partner when filing for the spot Bitcoin ETF filing.
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