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

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Cathie Wood-led Ark Invest on Monday lowered some of its exposure in Coinbase Global Inc (NASDAQ: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 (NYSE: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 (CRYPTO: BTC) is up 16% over the past week, and while Dogecoin (CRYPTO: DOGE) 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 (NYSE:ARKF) and the Ark Next Generation Internet ETF (NYSE: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 (OTC: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 (NASDAQ:OPEN). Shares of the company closed 1.43% higher at $21.97 a share.

Photo: Courtesy of Jon Russell via Flickr