Cathie Wood’s investment management firm Ark Invest (ARK), one of the largest holders of Coinbase shared, has sold off some of its stash, worth over $12 million.
According to Bloomberg, ARK Innovation exchange-traded funds (ETF), one of the funds managed by Ark Invest, reduced its stake in the cryptocurrency exchange giant Coinbase, by selling 135,152 Coinbase (COIN) shares worth over $12 million based on COIN’s closing of $89.15 per share.
This is the second time Cathie Wood’s Ark Invest takes advantage of the price surge of Coinbase shares in 2022. ARK Fintech Innovation ETF offloaded over 160,000 shares at over $13.5 million in March.
In June, Ark Invest increased its portfolio by purchasing 419,324 Coinbase shares after the lawsuit by the Securities and Exchange Commission (SEC) against the company caused a 21% decline in its stock.
Meanwhile, the selloff comes shortly after Coinbase stock witnessed a 16% increase to $92 after the crypto exchange entered a surveillance-sharing agreement with five companies applying for a spot bitcoin ETF.