Cathie Woods ARK sells Coinbase shares amid rally on Bitcoin ETF hopes

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Cathie Woods’ flagship fund sold shares of Coinbase Global as the stock price of cryptocurrency exchanges soared over its role in the proposed launch of a Bitcoin exchange-traded fund.

ETF ARK Innovation (ticker: ARKK) sold 132,152 shares of Coinbase (COIN), according to a trade notification emailed Tuesday.

These shares…

Cathie Woods’ flagship fund sold shares of Coinbase Global as the stock price of cryptocurrency exchanges soared over its role in the proposed launch of a Bitcoin exchange-traded fund.

ETF ARK Innovation (ticker: ARKK) sold 132,152 shares of Coinbase (COIN), according to a trade notification emailed Tuesday.

Those shares would be worth around $11.8 million at Coinbases’ closing price of $89.15 on Tuesday. The stock rose nearly 10% the day after news broke that a Bitcoin ETF project to be launched by Cboe BZX Exchange would include supervisory sharing agreements with Coinbase.

Woods ARK Invest is one of the largest holders of Coinbase shares outside of company executives and has been a keen buyer this year even as the crypto exchange faces a lawsuit from the Securities and Exchange Commission. . The latest sale represents only a small portion of ARKK’s total holding in Coinbase, which made up more than 8% of ETF assets, at a market value of more than $711 million on Wednesday.

Write to Adam Clark at [email protected]

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