Cathie Wood's ARK Invest has made another significant move, selling $52.3 million worth of Coinbase shares as the stock price of the cryptocurrency exchange surged above $270.
Profits from Coinbase Stash
ARK Invest, known for its spot Bitcoin exchange-traded funds (ETF) in the U.S., sold 199,526 Coinbase shares on March 21. This included 133,533 shares from the ARK Innovation ETF (ARKK), valued at approximately $35 million based on Coinbase's closing price of $262 on that day.
Continued Sales and Stock Growth
This sale is part of ARK's ongoing strategy to profit from its Coinbase holdings. The company previously sold 270,365 shares on March 11 and made its biggest sale of 2024 so far on Feb. 16, selling 499,149 shares.
Coinbase stock has been on a steady rise, hitting over $270 for the first time since December 2021. As of March 21, it briefly surpassed $276.
Other Sales and Compliance Measures
In addition to Coinbase, ARK also sold shares of Block, a Bitcoin-focused fintech firm founded by Jack Dorsey. On the same day, ARK sold 188,519 Block shares, netting $15.8 million.
ARK also sold 93,002 Robinhood shares, worth around $2 million, from the ARKW ETF to comply with Rule 12d3-1, which limits ETFs from acquiring more than 5% of their total assets in certain securities.
