[ad_1]
Cathie Wood’s ARK Invest cashed in on the recent record really in Coinbase Global Inc.’s stock by selling nearly half-a-million shares, but the cryptocurrency exchange remained among the top holdings of some of her exchange-traded funds.
ARK Invest disclosed in an email to investors late Friday that three of its ETFs sold Coinbase shares
COIN,
valued at a little over $50 million at Friday’s closing price of $105.31.
The sales come after the stock rocketed a record 24.5% on Thursday, the biggest one-day gain since Coinbase went public in April 2021, after a court ruling involving cryptocurrency tokens was viewed as helping the company in its case against securities regulators.
On Friday, Coinbase’s stock pulled back 1.6%. It was still up 47.2% so far in July, and has run up 197.6% year to date. In comparison, bitcoin
BTCUSD,
has rallied 82.5% this year and the S&P 500 index
SPX,
has advanced 17.3%.
Also read: Coinbase stock explodes higher as enthusiasm builds for spot bitcoin ETFs.
Here were the ARK ETF’s Coinbase stock sales on Friday, with the value of the stock sold as of Friday’s closing price in parentheses:
-
ARK Innovation ETF
ARKK,
-2.14%
sold 263,247 shares ($27.72 million) -
ARK Net Generation Internet ETF
ARKW,
-2.44%
sold 93,227 shares ($9.82 million) -
ARK Fintech Innovation ETF
ARKF,
-2.05%
sold 121,882 shares ($12.84 million)
In total, the ETFs sold 478,356 shares valued at $50.38 million.
Earlier this week, the Innovation ETF made its first sale of Coinbase stock in nearly a year, when it sold about $12 million worth of shares.
Meanwhile, Coinbase remains the top holding of the Next Generation Internet and Fintech Innovation ETFs and the second biggest holding of the Innovation ETF.
Cathie Wood, who is chief executive officer of ARK Investment Management LLC, which had $15.1 billion in equity holdings as of the end of June, has not been shy with her support for cryptocurrencies. She is currently pushing, with asset manager 21Shares, to launch a bitcoin ETF, as are other asset managers such as BlackRock Inc.
BLK,
Among other trades made by ARK ETFs were purchases of about $3.5 million worth of shares of trading app Robinhood Markets Inc.
HOOD,
and social-media giant Meta Platforms Inc. shares
META,
valued at $25.4 million.
[ad_2]
Source link