Cathie Wood’s Ark Invest, a leading investment firm, recently sold 478,356 Coinbase shares worth $53 million as the cryptocurrency exchange’s stock reached a 52-week high. This is the second time within a week that Ark Invest has offloaded Coinbase shares.
Previously, on July 11th, Ark Invest sold 135,152 Coinbase shares worth $12 million from the Ark Innovation ETF. Then, on July 14th, Ark Invest sold 478,356 Coinbase shares, coinciding with the stock’s yearly high of $114.43, according to the company’s trading office update. The Ark Next Generation Internet ETF sold 93,227 shares, the Ark Innovation ETF sold 263,247 shares, and the Ark Fintech Innovation ETF sold 121,882 shares, accumulating a total value of $53 million based on Coinbase’s Friday closing price of around $110.
Despite the recent sales, Ark Invest remains the second-largest owner of Coinbase shares, holding a 6.30% stake in the company.
In other news, Cathie Wood has expanded her portfolio by acquiring shares of Meta Platforms after the company announced the launch of Threads, a microblogging platform developed as a competitor to Elon Musk’s Twitter. On Friday, the ARK Innovation ETF bought 69,793 Meta shares worth over $21 million, while the Ark Fintech Innovation ETF acquired 111,843 Robinhood shares valued at $1.3 million. Additionally, the ARK Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares. Overall, Ark Invest purchased Meta shares worth $24 million and Robinhood shares worth $3.3 million.
Meanwhile, Coinbase’s stock has seen an increase following a recent court ruling favorable to Ripple. A U.S. court ruled that the sale of XRP on exchanges does not constitute an investment contract, boosting confidence for Coinbase in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Shortly after the court decision, the cryptocurrency market started to recover, with XRP’s price rising nearly 70%. Coinbase, as the largest U.S. exchange, also experienced a significant jump in its stock price. Since the ruling, COIN has increased by almost 25%. At the close of trading on Friday, COIN was trading at $105, marking a strong performance for the year with a 213% increase. Prior to the Ripple case ruling, Coinbase’s stock had already been rising due to its partnership as a monitoring provider for several Bitcoin ETF applicants in the U.S., including major market players like BlackRock and Fidelity.
