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HomeNewsARK Invest Capitalizes on Coinbase Stock Rally, Sells $50.5M Worth Shares

ARK Invest Capitalizes on Coinbase Stock Rally, Sells $50.5M Worth Shares

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  • ARK Invest, led by Cathie Wood, sold $50.5 million of Coinbase shares on July 14, taking advantage of the recent surge in the cryptocurrency exchange’s stock price.
  • Despite the sale, ARK Invest remains one of the largest stockholders in Coinbase, with over 10.5 million shares.

Cathie Wood’s ARK Investment Management made a strategic move, selling $50.5 million worth of Coinbase (COIN) shares on July 14 amidst the cryptocurrency exchange stock’s recent rally.

The technology-focused investment manager sold more than 480,000 COIN shares spread across three different funds. However, ARK Invest continues to retain a significant stake in Coinbase, with its portfolio still boasting over 10.5 million shares, establishing it as one of the principal holders of the stock.

Coinbase’s Rising Star

Coinbase’s shares experienced a significant upswing recently, touching a one-year high of $107. This sharp increase was propelled by the exchange’s announcement of surveillance-sharing agreements with five spot bitcoin exchange-traded fund (ETF) applicants. These agreements could potentially be the breakthrough needed for the Securities and Exchange Commission (SEC) to finally give the green light for such a fund to be listed in the U.S.

Notably, this wasn’t the first time ARK Invest cashed in on Coinbase’s success. On July 11, ARK sold $12 million worth of COIN shares after the stock ascended to what was then a one-year high of around $89.

Despite ARK’s recent sell-off, the closing price for Coinbase shares on Friday still stood strong at $105.31, slightly lower by 1.58% compared to the previous trading day. This indicates the robust market sentiment and strong investor confidence in Coinbase’s prospects, driven by strategic business decisions and the overall positive trend in the cryptocurrency sector.

The actions of ARK Invest, an investment management firm well-known for its focus on disruptive innovation, underscore the dynamic nature of investing in the fast-evolving blockchain and cryptocurrency landscape. Its recent sell-off of Coinbase shares does not necessarily reflect a change in long-term belief in the company’s potential, but rather, a strategic financial maneuver to capitalize on the market’s momentum.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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