ARK Invest, the pro-Bitcoin investment firm led by Cathie Wood, has sold a portion of its COIN holdings – a NASDAQ-traded stock of Coinbase, a cryptocurrency exchange.
Ark Invest Sells Coinbase Shares
On July 11, Bloomberg data showed that ARK Invest sold 135,152 COIN, equivalent to $12 million, out of their $1 billion COIN holdings, from ARK Innovation ETF. Notably, Ark Invest is liquidating a portion of its $1 billion COIN haul when share prices are rising, surging briefly to $90 on July 11.
The Coinbase stock plunged by over 80% in 2022 after trading to as high as $430 in the last bull cycle of 2021 when crypto prices and stocks of crypto-related firms soared as valuations broke key resistance levels.
COIN share price on July 12| Source: NASDAQ on TradingView
Through the dump of crypto prices in 2022 and the stagnation in the first half of 2023, Ark Invest has been accumulating COIN in several instances. On one occasion on June 6, 2023, Ark Invest bought $17 million worth of COIN, cementing its position as the fourth-largest holder of the stock.
Despite the ongoing securities violation lawsuit against Coinbase filed by the United States Securities and Exchange Commission (SEC), the exchange’s stock has been firm. The regulator claims the exchange has been facilitating the trading of crypto asset securities and this lawsuit significantly impacted Coinbase’s share prices.
