The post Cathie Wood’s ARK Investment Takes Profit, Unloads $26 Million in COIN Shares appeared first on Coinpedia Fintech News
ARK Invest, the investment firm led by Cathie Wood, has continued to sell off shares of Coinbase as the stock reached close to its one-year high. According to a trade disclosure, ARK Invest sold 248,838 COIN shares, totaling over $26 million based on Monday’s closing price.
This recent sale comes after ARK Invest disclosed selling 480,000 COIN shares worth $50.5 million on July 14, and an additional $12 million the previous week. Wood stated that the fund is “taking profits and reallocating the capital to some laggards” while expressing a positive outlook on Coinbase, particularly in light of the recent court ruling favoring Ripple against the SEC.
ARK sells third time in a row
The sale of Coinbase shares represents ARK Invest’s third sale in recent days, following a significant accumulation of the stock over the past year. Wood emphasized that the fund remains optimistic about Coinbase’s prospects.
Last week, Ripple achieved a partial victory in court, with a judge ruling that its XRP token is not considered a security when sold on the secondary market, but is classified as a security when sold to institutional investors.
This ruling could have implications for Coinbase, as the SEC had alleged that 13 tokens actively traded on the platform were securities in its lawsuit against the company last month. Industry experts, including Wood and JPMorgan analysts, see the ruling as favorable for Coinbase.
The recent court ruling has had a notable impact on Coinbase’s stock price, leading to a substantial increase. Currently, the shares are trading near their highest level in the past year.
This surge in price can be attributed, in part, to Coinbase being listed as a surveillance-sharing partner for various spot bitcoin ETF applicants, including prominent firms like BlackRock and Fidelity. The association with these well-established entities has likely contributed to the positive market sentiment and rally in Coinbase’s shares.
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