Pro-Bitcoin (BTC) investing veteran Cathie Wood has profited from ARK Invest’s large Coinbase holdings by selling a small portion of her holdings.
On July 11, Wood’s investment firm, ARK, sold 135,152 shares of Coinbase stock ($12 million) from one of its main exchange-traded funds (ETFs), the ARK Innovation ETF. The sale represented 0.14 percent of the fund’s total holdings, according to a transaction notice seen by Cointelegraph.
The sale comes at a time when Coinbase shares are surging. July 11, Price Brief go beyond It shot up from around $82 to $90 and as high as $90.9, according to TradingView. The stock closed at $89 on Tuesday after Wood sold shares.
Coinbase shares are up more than 60% in the past month and more than 140% year-to-date, according to TradingView data.
The new sale of ARK is Wood’s second profit this year on Coinbase stock. On March 21, ARK sold 160,887 Coinbase shares in its ARK Fintech Innovation ETF for $13.5 million, or about $84 per share.
Wood had been actively accumulating shares in multiple ARK funds before taking profits from ARK’s holding of Coinbase. In June alone, ARK bought about $40 million in Coinbase stock. Previously, the investment firm bought about $33 million in stock in April and May and $117 million worth of Coinbase stock in March.
related: SEC Letter Alleges Coinbase Aware of Securities Law Violations
Several Coinbase executives, including CEO Brian Armstrong, have been selling their shares as prices have risen in recent months. On July 6, Armstrong and several other senior Coinbase executives sold a total of 88,058 shares, worth about $6.9 million at the time. Earlier, Coinbase chief accounting officer Jennifer Jones also sold 74,375 shares on June 29, netting a net profit of $5.2 million.
Even as Coinbase faces a securities violation lawsuit from the U.S. Securities and Exchange Commission, the exchange’s stock price is still rising. The increase may be largely attributable to fears of missing out on BlackRock’s spot bitcoin ETF filing, which lists Coinbase as a “monitoring sharing” partner.
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