COIN

Coinbase Stock

Generation

Million

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    Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
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  <p class="has-drop-cap">ARK Innovation ETF <a aria-label="sold more than 132,000 Coinbase (NASDAQ: COIN) shares (opens in a new tab)" href="https://www.barrons.com/articles/cathie-wood-ark-coinbase-stock-bitcoin-etf-849f9a25" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">sold more than 132,000 Coinbase (NASDAQ: COIN) shares</a> worth around $11.8 million after the exchange’s stock rose on its potential role in the proposed launch of a Bitcoin exchange-traded fund (ETF). The sale accounted only for a small portion of ARK Invest’s COIN holdings as the asset manager remains one of the crypto exchange’s largest stakeholders.</p> 
  <h3 id="ark-bought-coinbase-stock-dip-after-sec-lawsuit">ARK Bought Coinbase Stock Dip After SEC Lawsuit</h3> 
  <p>Cathie Wood’s ARK Innovation ETF fund offloaded its shares in Coinbase Global, taking profits from the crypto exchange’s stock rally triggered by hopes over a potential launch of a Bitcoin ETF. The fund sold 132,152 Coinbase shares, a stake worth roughly $11.8 million at COIN’s closing price of $89.15 on July 11.</p> 
  <p>The move comes after shares of Coinbase popped almost 10% on Tuesday on the news that the proposed rollout of a Bitcoin ETF by Cboe BZX Exchange would include a <a aria-label="surveillance-sharing deal (opens in a new tab)" href="https://www.reuters.com/technology/cboe-exchange-partner-with-coinbase-bitcoin-market-surveillance-etf-push-2023-07-11/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">surveillance-sharing deal</a> with Coinbase. Cboe also <a href="https://tokenist.com/cboe-makes-third-attempt-to-list-ark-21shares-bitcoin-etf/" rel="noopener noreferrer nofollow" class="deco-link">made multiple filings</a> with the US Securities and Exchange Commission (SEC) to list ARK’s own Bitcoin ETF, though the securities regulator rejected its attempts.</p> 
  <p>Meanwhile, the latest Coinbase stock surge brought the crypto exchange’s year-to-date gains to more than 165%.</p> 
  <p>ARK made a <a href="https://tokenist.com/ark-buys-13-2m-worth-of-coinbase-shares-30m-invested-in-february/" rel="noopener noreferrer nofollow" class="deco-link">series of investments</a> in COIN in 2023, even though the cryptocurrency exchange faces a lawsuit by SEC. <a aria-label="ARK acquired (opens in a new tab)" href="https://www.forbes.com/sites/katherinehamilton/2023/06/07/cathie-woods-ark-adds-21-million-in-coinbase-stock-bucking-analysts-dire-outlook/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">ARK acquired</a> over 400,000 Coinbase shares for $21.6 million after SEC’s action sent the stock tumbling on June 6.</p> 
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  <h3 id="ark-holds-around-11-million-coin-shares-across-all-funds">ARK Holds Around 11 Million COIN Shares Across All Funds</h3> 
  <p>Apart from the company’s executives, ARK Invest, an asset management firm founded by Cathie Wood, is one of the largest Coinbase shareholders. The latest sale represents a small share of the fund’s total Coinbase stake, which accounted for over 8% of its assets as of July 12.</p> 
  <p>Across all of its funds, ARK Invest owns about 11 million Coinbase shares. The approximate cost average for the stock across ARK’s funds is $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for ARK Next Generation Internet ETF (ARKW).</p> 
  <p>In addition to COIN, the tech-oriented asset manager also holds considerable positions in Tesla, Roku, Square, Zoom, Shopify, and <a href="https://tokenist.com/cathie-woods-ark-buys-the-dip-with-40m-nvidia-buy-sells-tesla-holdings/" rel="noopener noreferrer nofollow" class="deco-link">Nvidia</a>.</p> 
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  <p><em><strong>Do you think ARK will continue adding to its Coinbase stake long-term? Let us know in the comments below.</strong></em></p> 
  <p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/ark-invest-sells-nearly-12m-worth-of-coinbase-shares/">ARK Invest Sells Nearly $12M Worth of Coinbase Shares</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>
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ARK Invest Sells Nearly $12M Worth of Coinbase Shares

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Tokenist

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