Cathie Wood's Ark Invest sells more Coinbase shares worth over $50 million

Quick Take

Ark Invest sold 478,356 shares, worth more than $50 million, of Coinbase as the stock continued to rally.
The company sold more shares earlier in the week.

Cathie Wood's Ark Invest sold more Coinbase shares on Friday as the stock continued to rally off the back of rulings in the SEC's case against Ripple.

Ark's flagship fund, Ark Innovation ETF, sold 263,247 shares of Coinbase, according to an update from the fund manager's trading desk on Friday. Its Ark Next Generation Internet ETF sold 93,227 shares, and Ark Fintech Innovation ETF sold 121,882 shares. Together, the sales were worth $50.37 million, based on the stock's closing price of around $105 on Friday.

The sales were Ark's second during the week after it sold $12 million worth of Coinbase shares on Tuesday. The shares have rallied after Coinbase was listed as a surveillance-sharing partner for several spot bitcoin ETF applicants, including giants BlackRock and Fidelity. Plus more recently, legal rulings around the status of the cryptocurrency XRP has buoyed further industry optimism.

Ark Invest has started to pare its holding of Coinbase for the first time in almost a year. Still, it is the second-largest owner of Coinbase shares, with a 6.30% stake, according to CNN data.

Coinbase has jumped nearly 200% this year despite facing a lawsuit from the United States Securities and Exchange Commission, reflecting the broader upward trend observed in crypto-related stocks.