ARK Invest, the tech-focused investment manager, has sold $12 million worth of Coinbase’s (COIN) shares as the stock reaches a near one-year high. This comes after Coinbase announced a surveillance-sharing agreement with five spot bitcoin (BTC) exchange-traded fund (ETF) applicants.
Previously, the Securities and Exchange Commission (SEC) had inferred that comprehensive surveillance-sharing agreements were critical to getting spot bitcoin ETFs approved, said Cathie Wood, CEO of ARK Invest.
ARK Invest holds close to 11 million shares of Coinbase, making it one of the largest holders of the stock. The Coinbase holding represents 6.2% of the total fund weightage for ARK.
In early June, ARK made a $21.6 million buy of Coinbase’s shares after the SEC’s lawsuit against the exchange sent its stock tumbling. COIN closed nearly 10% higher at $89.15 on Tuesday and the stock is up 72% since the SEC sued the exchange on June 6.
ARK Invest has now sold $12 million worth of Coinbase shares as the stock reaches a near one-year high. Across all of ARK’s funds, the estimated cost average for COIN are $239.60 for the Ark Fintech Innovation ETF (ARKF), $254.65 for Ark’s ARK Innovation ETF (ARKK), and $242 for ARK Next Generation Internet ETF (ARKW).