By The cryptocurrency exchange Coinbase Global has seen a surge in stock price due to anticipation surrounding the proposed launch of a Bitcoin exchange-traded fund (ETF). As a result, Cathie Wood’s flagship fund, the ARK Innovation ETF (ticker: ARKK), has made the decision to sell 132,152 shares of Coinbase (COIN), according to a trade notification received via email on Tuesday.
At Coinbase’s closing price of $89.15 on Tuesday, these sold shares would amount to approximately $11.8 million. Following the news that Cboe BZX Exchange’s Bitcoin ETF would include surveillance-sharing agreements with Coinbase, the stock increased by nearly 10% on the same day.
ARK Invest, led by Cathie Wood, is one of the largest holders of Coinbase shares, excluding the company’s own executives. Despite the ongoing lawsuit from the Securities and Exchange Commission, Wood’s firm has remained an active buyer of Coinbase shares throughout this year. However, it is important to note that the recent sale constitutes only a small portion of ARKK’s total holding in Coinbase.
Previously, Coinbase accounted for over 8% of ARK Innovation ETF’s assets, with a market value exceeding $711 million as of Wednesday.
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Bitcoin ETF Fuels Investor Excitement as Cathie Wood’s Flagship Fund Sells Coinbase Shares
Cryptocurrency exchange Coinbase Global’s stock price has skyrocketed recently amid growing anticipation surrounding the forthcoming Bitcoin exchange-traded fund (ETF) launch. Consequently, the ARK Innovation ETF (ticker: ARKK), run by renowned investor Cathie Wood, has made the strategic move to divest 132,152 shares of Coinbase (COIN). This decision was communicated through an official trade notification issued on Tuesday.
With Coinbase’s closing price at $89.15 on Tuesday, the value of the sold shares approximately amounts to $11.8 million. News of surveillance-sharing agreements between Cboe BZX Exchange’s Bitcoin ETF and Coinbase propelled the stock by almost 10% on the same day.
While the crypto exchange faces an ongoing lawsuit brought against it by the Securities and Exchange Commission, ARK Invest has continued to demonstrate unwavering interest as a buyer of Coinbase shares throughout this year. However, it is important to note that the recent sale represents only a fraction of ARKK’s overall holding in Coinbase.
Previously, Coinbase constituted over 8% of the ETF’s total assets, with a staggering market value exceeding $711 million as of Wednesday.
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