Ark Invest, the investment management firm led by Bitcoin (BTC) bull Cathie Wood, recently divested more of its Coinbase stock as the stock price of Coinbase (COIN) hit a new 52-week high.
The investment firm recently sold some of its stake in Coinbase for the second time this week, following Ark Invest’s aggressive acquisition of shares during the bear market. Meanwhile, noted Bitcoin advocate Cathie Wood is actively investing in Meta Platforms (META) and Robinhood Markets (HOOD) stocks.
Trading information observed by Cointelegraph shows that Cathie Wood’s Ark Invest fund divested a total of 478,356 shares of Coinbase (COIN) worth $53 million on July 14, which coincided with the stock’s yearly high of $114.43.
In trades, Cathie Wood’s flagship fund ARK Innovation ETF (ARKK) sold 263,247 COIN shares, ARK Next Generation Internet ETF (ARKW) sold 93,227 COIN shares and ARK Fintech Innovation ETF (ARKF) sold 35,666 COIN shares .
In June, after Meta Platforms announced the launch of “Threads,” a Twitter-like social media application, Cathie Wood initiated a purchase of the company’s stock. The ARK Innovation ETF (ARKK) bought 69,793 shares of META stock, while the ARK Fintech Innovation ETF (ARKF) bought 111,843 shares of Robinhood stock. Additionally, the ARK Next Generation Internet ETF (ARKW) added 12,559 META shares and 169,116 Robinhood shares.
According to data from CoinMarketCap, occludinOn Friday, COIN shares traded at $105.31, down 1.58% as investors took profits. This week, the COIN price surged 33% to a 24-hour high of $114.43 for an impressive 213% year-to-date gain. In addition to the overall gains in cryptocurrency-related stocks, Coinbase also saw a notable rise following the summary judgment in the US SEC v. Ripple lawsuit.
related: Allowing Coinbase to go public wasn’t a ‘blessing’ from regulators – SEC
Cathie Wood’s ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth $12 million on July 11, and the ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares in March.
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