Bitcoin (BTC) bull Cathy Wood-led investment management firm ARK Invest recently sold more of its holdings in the crypto exchange as Coinbase’s stock hit a 52-week high.
For the second time this week, the investment firm has sold a portion of its Coinbase holdings, following ARK Invest’s large acquisition of Coinbase shares during the bear market. Wood’s firm, meanwhile, is an active investor in shares of Meta Platforms and Robinhood Markets.
According to transaction information obtained by Cointelegraph, ARK Invest sold a total of 478,356 Coinbase shares worth $53 million on July 14, which coincided with a year-to-date high of $114.43.
In the transaction, Wood’s flagship fund ARK Innovation ETF sold 263,247 Coinbase shares, ARK Next Generation Internet ETF sold 93,227 Coinbase shares, and ARK Fintech Innovation ETF sold 93,227 Coinbase shares. Offloaded 35,666 shares on the exchange.
Wood began buying Metaplatform shares in June after the company announced the launch of a Twitter-like social media app, Threads. ARK Innovation ETF acquired 69,793 shares of Meta and ARK Fintech Innovation ETF purchased 111,843 shares of Robinhood. In addition, the ARK Next-Generation Internet ETF increased its holdings with 12,559 shares of Meta and 169,116 shares of Robinhood.
Related: Coinbase’s Listing Permission Was Not a ‘Blessing’ From Regulators — SEC
According to CoinMarketCap, close Coinbase shares were priced at $105.31 on Friday, down 1.58% as investors secured gains. The price surged 33% over the week, reaching a 24-hour high of $114.43, up 213% year-to-date. In addition to the general rally in cryptocurrency stocks, Coinbase surged following the summary judgment in the US Securities and Exchange Commission v. Ripple lawsuit.
Wood’s ARK Innovation ETF sold 135,152 Coinbase shares worth $12 million on July 11, while ARK Fintech Innovation ETF sold 160,887 Coinbase shares in March.
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