Cathie Wood's Ark Invest Sells Coinbase Shares For First Time As Stock Surges On Bitcoin Rally

Cathie Wood-led Ark Invest on Monday lowered some of its exposure in Coinbase Global Inc COIN, its first such sale in the cryptocurrency exchange company’s stock since it went public in April.

The popular money managing firm sold 98,427 shares — estimated to be worth $25.25 million — in Coinbase via the Ark Innovation ETF ARKK.

Shares of the cryptocurrency exchange closed 3.37% higher at $256.50 a share on Monday. Coinbase stock has fallen about 22% since its blockbuster listing on the Nasdaq in mid-April. 

Bitcoin BTC/USD is up 16% over the past week, and while Dogecoin DOGE/USD is down 4.3% for the week, it too has seen heightened trading activity that contributes to revenue for Coinbase. Meme coin Shiba Inu is up 137% for the week and is also seeing heightened interest.

Two other Ark exchange-traded funds, the Ark Next Generation Internet ETF ARKF and the Ark Next Generation Internet ETF ARKW own shares in Coinbase.
Together, the three ETFs held 6.38 million shares, worth around $1.58 billion, in Coinbase ahead of Monday’s trades.

See Also: Cathie Wood Can't Get Enough Of Bitcoin, Adds Another $54M In Square, $14M In Coinbase

Here are some of the other key trades for Ark on Monday:

Sold 16,040 shares — estimated to be worth $527,876 — in BYD Co BYDDY on the day shares of the Warren Buffett-backed company closed 3.10% higher at $65.69 a share.

Sold 210,907 shares — estimated to be worth $4.63 million — in Opendoor Technologies Inc OPEN. Shares of the company closed 1.43% higher at $21.97 a share.

Photo: Courtesy of Jon Russell via Flickr