The pro Bitcoin Asset management firm, ARK Invest, led by Cathie Wood has sold $12 million worth of Coinbase’s (COIN) shares, reducing its stake in the cryptocurrency exchange to 6.2%.
The sale comes as Coinbase stock has been on a tear in recent weeks as it’s up more than 70% since the SEC sued the Coinbase exchange on June 6. The lawsuit accused Coinbase of failing to register its lending products with the SEC as securities.
Coinbase’s surveillance-sharing agreement with five spot bitcoin ETF applicants could help the company get its own spot bitcoin ETF approved by the SEC. The SEC has been hesitant to approve spot bitcoin ETFs, citing concerns about market manipulation. However, the agency has said that it would be more likely to approve a spot bitcoin ETF if the exchange had a comprehensive surveillance-sharing agreement in place.
It is worth mentioning that when the news broke on Tuesday, Coinbase Stock experienced a significant increase of 16% as it briefly surpassed $90.
ARK Invest, renowned for its focus on technology investment, holds a substantial number of Coinbase shares across all of its funds. In fact, the investment manager owns close to 11 million shares, establishing itself as one of the largest holders of Coinbase stock.
Ark Invest started its buying spree on Coinbase shares in March by purchasing $117 million worth of COIN, followed by $33 million of shares in April and May. The latest purchase was made in June for about $40 million of shares.
Based on the market data provided by Cathie’s Ark, the average estimated costs for COIN across various funds are as follows: $239.6 for the Ark Fintech ETH (ARKF), $254.65 for the ARK Innovation ETF (ARKK), and $242 for the ARK Next Generation Internet ETF (ARKW).
It’s important to note that Cathie’s Ark is not associated with ARK Invest or Cathie Wood. Figures provided may differ from actual investments by Ark Invest.
Also Read: Cathie Wood Dumped $13.5M Worth of Coinbase Shares Amid Rally
