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  <p class="is-style-lead">Cathie Wood’s investment management firm Ark Invest (ARK), one of the largest holders of Coinbase shared, has sold off some of its stash, worth over $12 million.&nbsp;</p> 
  <p>According to <a href="https://www.bloomberg.com/news/articles/2023-07-12/cathie-wood-dumps-coinbase-for-the-first-time-in-nearly-a-year?utm_source=twitter&amp;utm_content=crypto&amp;utm_medium=social&amp;utm_campaign=socialflow-organic&amp;leadSource=uverify%20wall" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, ARK Innovation exchange-traded funds (ETF), one of the funds managed by Ark Invest, reduced its stake in the cryptocurrency exchange giant Coinbase, by selling 135,152 Coinbase (COIN) shares worth over $12 million based on COIN’s closing of $89.15 per share.&nbsp;</p> 
  <p> You might also like: <a href="https://crypto.news/sec-wont-object-to-coinbases-motion-to-speed-up-case/" rel="noopener noreferrer nofollow"> SEC won’t object to Coinbase’s motion to speed up case </a> </p> 
  <p>This is the second time Cathie Wood’s Ark Invest takes advantage of the price surge of Coinbase shares in 2022. ARK Fintech Innovation ETF offloaded over 160,000 shares at over $13.5 million in March.</p> 
  <p>In June, Ark Invest <a href="https://crypto.news/cathie-wood-boosts-coinbase-holdings-amid-escalating-sec-crackdown/" rel="noopener noreferrer nofollow">increased</a> its portfolio by purchasing 419,324 Coinbase shares after the lawsuit by the Securities and Exchange Commission (SEC) against the company caused a 21% decline in its stock.&nbsp;</p> 
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   <div class="wp-block-embed__wrapper"> <iframe title="Cathie Wood on Binance, Coinbase Legal Woes" width="1020" height="574" src="https://www.youtube.com/embed/tfuAu0fGaII?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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  <p>Meanwhile, the selloff comes shortly after Coinbase stock <a href="https://crypto.news/coinbase-stock-closes-over-9-up-following-cboes-spot-bitcoin-etfs-partnership/" rel="noopener noreferrer nofollow">witnessed</a> a 16% increase to $92 after the crypto exchange entered a surveillance-sharing agreement with five companies applying for a spot bitcoin ETF.&nbsp;</p> 
  <p> Read more: <a href="https://crypto.news/cathie-woods-ark-reportedly-ahead-in-race-for-btc-etf/" rel="noopener noreferrer nofollow"> Cathie Wood’s ARK reportedly ahead in race for BTC ETF </a> </p>
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Ark Investment’s Fund makes first Coinbase shares dump in year

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