Cathie Wood’s ARK Invest sold another $50.5 million worth of Coinbase (COIN) shares on July 14 to cash in on the recent rally in the cryptocurrency exchange stock.
ARK sold over 480,000 COIN shares across three different funds. The tech-focused investment manager owns over 10.5 million shares in Coinbase making it one of the largest holders of the stock.
Coinbase shares recently rose to a one-year high of $107 after the exchange announced surveillance-sharing agreements with five spot bitcoin exchange-traded fund applicants, which may prove to be the breakthrough in the Securities and Exchange Commission (SEC) finally approving such a fund to be listed in the U.S.
ARK sold $12 million worth of COIN shares on July 11 after the stock rallied to a then one-year high of around $89. Shares of Coinbase closed 1.58% lower at $105.31 on Friday.
Read More: Coinbase Rally on the Back of XRP Court Ruling Is Overdone: Berenberg
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