ARK Invest, led by famous cryptocurrency investor and prominent Bitcoin (BTC) supporter Cathie Wood, reported that it sold an additional $50.5 million worth of Coinbase (COIN) shares on July 14th to cash in on the recent rally in the shares of the US-based major cryptocurrency exchange Coinbase.
ARK Invest’s Sale of COIN Shares Continues at Full Speed
ARK Invest sold over 480,000 COIN shares across three different funds. The technology-focused investment management company currently holds over 10.5 million shares in Coinbase, making it one of the largest shareholders of COIN.
The announcement of Coinbase’s partnerships with five spot Bitcoin exchange-traded fund (ETF) applicants, including the world’s largest asset management firm BlackRock, recently pushed Coinbase shares to $107, the highest level in the past year. Despite the expectation that the rise will be further boosted by the US Securities and Exchange Commission’s (SEC) eventual approval of a spot Bitcoin ETF in the US, ARK Invest’s sales are attracting attention.
While many believe that ARK Invest does not expect the SEC to approve a spot Bitcoin ETF in the near future, some argue that the sales are simply profit-taking.
They Had Sold $12 Million Worth of COIN Shares Just Before This Sale
Prior to this, ARK Invest had sold $12 million worth of COIN shares after Coinbase’s stocks reached approximately $89, the highest level in the past year, on July 11th.
Coinbase shares closed last week at $105.31, down 1.58% on the last trading day of the week. ARK Invest has been in the spotlight with its persistent purchases of COIN shares. The shares of the US-based major cryptocurrency exchange had dropped to an all-time low of $32.53 on December 28, 2022.
