Cathie Wood’s Ark Invest sold Coinbase shares as stock rallies

Quick Take

  • Ark Invest’s Ark Innovation ETF sold 135,152 shares of Coinbase Global on Tuesday, Bloomberg reported.
  • Coinbase shares rallied 9.78% Tuesday after Cboe submitted application amendments for spot bitcoin ETFs — thanks in part to a surveillance-sharing deal with the crypto exchange.

Ark Invest sold 135,152 shares of Coinbase Global on Tuesday, the same day the stock rallied 9.78% off the back of bitcoin ETF optimism.

Cathie Wood’s Ark Innovation ETF reduced its holdings in Coinbase shares on Tuesday for the first time since July 26 last year, according to data compiled by Bloomberg.

The ETF currently holds Coinbase shares worth $711.24 million as of today, accounting for 8.25% of its total holdings, the fund’s website shows. 

The fund has risen roughly 54% in net asset value since the beginning of this year.

Coinbase stock rally

Coinbase shares soared 9.78% on Tuesday to their highest level since August last year.

The rally came after Cboe on the same day submitted amendments for applications for five spot bitcoin ETFs, thanks in part to surveillance-sharing agreements with Coinbase.

Coinbase's stock is up 165% so far this year.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.