{"id":54368,"date":"2023-07-12T06:19:00","date_gmt":"2023-07-12T10:19:00","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54368"},"modified":"2023-07-12T06:19:03","modified_gmt":"2023-07-12T10:19:03","slug":"ark-invest-sells-135k-coinbase-shares-as-price-rises-to-90","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ark-invest-sells-135k-coinbase-shares-as-price-rises-to-90\/","title":{"rendered":"ARK Invest Sells 135K Coinbase Shares as Price Rises to $90"},"content":{"rendered":"\n

Cathie Wood's ARK Invest is profiting from its large Coinbase shares<\/a> holding by selling a small portion of its hoard following a brief price rise to $90 on July 11.<\/p>\n\n\n\n

\"ARK
ARK Invest Sells 135K Coinbase Shares as Price Rises to $90<\/figcaption><\/figure>\n\n\n\n

On July 11, Wood's investment firm ARK sold $12 million worth of Coinbase shares from its largest exchange-traded fund<\/a> (ETF), the ARK Innovation ETF. According to the trade notification, the quantity sold represented 0.14 percent of the fund's total holdings.<\/p>\n\n\n\n

The transaction coincides with a sharp increase in the price of Coinbase's stock. According to TradingView data, the price momentarily surpassed $90 on July 11, rising from around $82 to as high as $90.9. On Tuesday, the stock closed at $89 after Wood's sale.<\/p>\n\n\n\n

TradingView data shows Coinbase stock has increased more than 60% over the past month and more than 140% year-to-date.<\/p>\n\n\n\n

\"\"
Coinbase 7-day price chart. Source: TradingView<\/figcaption><\/figure>\n\n\n\n

The new sale by ARK is the second time Wood has profited from Coinbase shares this year. On March 21, ARK sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for approximately $84 per share or $13.5 million.<\/p>\n\n\n\n

Wood actively accumulated stock in numerous ARK funds before profiting from ARK's Coinbase holdings. ARK acquired approximately $40 million worth of Coinbase shares in June alone. Previously, the investment firm acquired roughly $33 million worth of Coinbase shares in April and May and $117 million in March.<\/p>\n\n\n\n

In recent months, numerous Coinbase executives, including CEO Brian Armstrong\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, have sold their shares as the price rose. Armstrong and several other senior Coinbase executives sold 88,058 shares worth approximately $6.9 million on July 6. Previously, on June 29, Coinbase's chief accounting officer Jennifer Jones also sold 74,375 shares for $5.2 million.<\/p>\n\n\n\n

Despite confronting a securities violation lawsuit from the United States Securities and Exchange Commission, Coinbase stock has risen. Fear of missing out on the BlackRock spot Bitcoin ETF<\/a> filing, which listed Coinbase as a “surveillance-sharing” partner, is predominantly responsible for the growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cathie Wood’s ARK Invest is profiting from its large Coinbase shares holding by selling a small portion of its hoard following a brief price rise to $90 on July 11. On July 11, Wood’s investment firm ARK sold $12 million worth of Coinbase shares from its largest exchange-traded fund (ETF), the ARK Innovation ETF. According […]<\/p>\n","protected":false},"author":12,"featured_media":43126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[948,2292,15240,940],"class_list":["post-54368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ark-invest","tag-cathie-wood","tag-coinbase-shares","tag-etf"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/image-114.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54368"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/43126"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}