Cathie Wood’s Ark Invest funds sold 478,356 Coinbase shares for a total of $53 million.
The price of COIN had reached a new 24-hour high of $114.43.
As Coinbase stock prices near a 52-week high, Ark Invest, the investment management business run by Cathie Wood, has liquidated some of its holdings in the company. After acquiring millions of dollars’ worth of Coinbase shares during the bear market, Ark Invest sold off part of its holdings twice this week.
Transaction records show that on July 14, when Coinbase (COIN) achieved a new annual high of $114.43, Cathie Wood’s Ark Invest funds sold 478,356 shares for a total of $53 million.
There were sales of 263,247 COIN shares from Cathie Wood’s flagship fund, ARK Innovation ETF (ARKK), 93,227 COIN shares from ARK Next Generation Internet ETF (ARKW), and 35,666 COIN shares from ARK Fintech Innovation ETF (ARKF).
The price of COIN had reached a new 24-hour high of $114.43, up 33% from its previous low this week and 213% from its yearly low. Coinbase, along with other crypto-related equities, rose after the judgment in the Ripple case. However, as investors grabbed profits, the price of COIN shares dropped to $105.31 on Friday.
On July 11 (valued at $12 million), ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares, while ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares.
Banking on Meta and Robinhood
On Friday, Cathie Wood’s Ark Invest funds bought shares in Meta Platforms (META) and Robinhood (HOOD). Cathie Wood began purchasing shares of Meta Platforms in June, when the company announced the introduction of a Twitter-like social networking platform called “Threads.”
The ARK Innovation ETF (ARKK) bought 69,793 shares of META, while the ARK Fintech Innovation ETF (ARKF) bought 111,843 shares of Robinhood. The ARK Next Generation Internet ETF (ARKW) has got 12,559 META shares and 169,116 Robinhood shares, respectively.