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 The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/cathie-woods-ark-investment-management-offloads-12m-in-coinbase-shares-amid-coins-surge/">Cathie Wood’s ARK Investment Management Offloads $12M in Coinbase Shares Amid COIN’s Surge</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
 ARK Invest, led by Cathie Wood, has sold approximately $12 million worth of Coinbase shares as the stock approaches a near one-year high. The surge in Coinbase’s stock follows the exchange’s announcement of a surveillance-sharing agreement with five spot bitcoin ETF applicants. Previously, the Securities and Exchange Commission (SEC) indicated that comprehensive surveillance-sharing agreements were important for the approval of spot bitcoin ETFs. 
 ARK Invest is one of the largest holders of Coinbase stock, with close to 11 million shares across its various funds. The Coinbase holding represents around 6.2% of the total weightage of ARK’s funds. 
 Based on market data, the estimated average costs for COIN shares in ARK’s funds are as follows: $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for the ARK Next Generation Internet ETF (ARKW). 
 At the beginning of June, ARK Invest made a purchase of Coinbase shares amounting to $21.6 million. This investment was made following a decline in Coinbase’s stock price due to the lawsuit filed by the Securities and Exchange Commission (SEC) against the exchange. 
 <h2 class="wp-block-heading" id="h-coinbase-stock-surges-as-it-reaches-an-agreement-with-cboe-s-bzx-exchange">Coinbase stock surges as it reaches an agreement with Cboe’s BZX Exchange</h2> 
 Coinbase shares experienced a significant increase, surging up to 16% on Tuesday, following the announcement that the crypto exchange had reached an agreement with Cboe’s BZX Exchange.&nbsp; 
 As part of the agreement, Coinbase will maintain a surveillance-sharing arrangement for five of its spot bitcoin exchange-traded fund (ETF) applications. This arrangement ensures the exchange’s commitment to sharing surveillance information with relevant parties regarding these specific ETF applications. 
 The shares reached a high point of $92.15 during the surge. Amendments to the original filings filed with the Securities and Exchange Commission (SEC) on Tuesday confirmed that the agreement had been settled on June 21 for each of the mentioned applications. The initial filings had previously stated that Coinbase “is expecting to enter into a surveillance-sharing agreement” with the exchange. 
 According to the latest data, COIN is trading at $89.15, with a 9.78% rise in the last 24 hours.
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Cathie Wood’s ARK Investment Management Offloads $12M in Coinbase Shares Amid COIN’s Surge

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