{"id":36102,"date":"2023-07-15T13:52:45","date_gmt":"2023-07-15T17:52:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/cathie-woods-ark-invest-sells-53-million-coinbase-shares-amid-record-highs\/"},"modified":"2023-07-15T13:52:46","modified_gmt":"2023-07-15T17:52:46","slug":"cathie-woods-ark-invest-sells-53-million-coinbase-shares-amid-record-highs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36102","title":{"rendered":"Cathie Wood’s Ark Invest Sells $53 Million Coinbase Shares Amid Record Highs"},"content":{"rendered":"
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Cathie Wood\u2019s Ark Invest sold 478,356 Coinbase shares valued at $53 million on Friday as the crypto exchange\u2019s stock prices reached a 52-week high.\u00a0<\/p>\n

This is the second time Cathie Wood-led investment management firm offloaded Coinbase shares within a week.<\/p>\n

As reported earlier, Ark Invest sold 135,152 Coinbase shares worth $12 million on July 11 from the Ark Innovation ETF.\u00a0<\/p>\n

On July 14, Ark Invest sold 478,356 shares of Coinbase when the price of stock reached an yearly high of $114.43, as per an update from the fund manager’s trading desk.<\/p>\n

The investment management firm\u2019s Ark Next Generation Internet ETF sold 93,227 shares, ARK Innovation ETF sold 263,247 and Ark Fintech Innovation ETF sold 121,882 shares.<\/p>\n

In total, the sales were worth $53 million, based on the COIN\u2019’s closing price of around $110 on Friday.<\/p>\n

Ark Invest remains the second-largest owner of Coinbase shares, with a 6.30% stake after the recent sell off.\u00a0<\/p>\n

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Ark Invest Piles Up On Meta and Robinhood Shares<\/h2>\n

Cathie Wood started loading up on Meta Platforms shares after the company announced the launch of Threads last month. Threads is a microblogging platform launched as rival to Elon Musk’s Twitter.<\/p>\n

On Friday, ARK Innovation ETF purchased 69,793 Meta shares worth over $21 million, while ARK Fintech Innovation ETF purchased 111,843 shares of Robinhood worth $1.3 million.<\/p>\n

ARK Next Generation Internet ETF further increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares.<\/p>\n

In total, Ark Invest bought $24 million worth of Meta shares and $3.3 million worth of Robinhood shares.\u00a0<\/p>\n

Robinhood\u2019s stock prices are up 24% in the past 30 days.<\/p>\n

Coinbase Stock Rallies After Court Rules In Favor of Ripple<\/h2>\n

The price of Coinbase stocks surged after a US court ruled in favor of Ripple in the XRP ongoing lawsuit.\u00a0<\/p>\n

Judge Torres ruled that selling XRP on exchanges in itself does not constitute an investment contract.\u00a0<\/p>\n

The latest ruling gives the crypto exchange hope that it will also come out on top in its court battle against the US SEC.\u00a0<\/p>\n

Soon after the court ruling, the crypto market started rallying as the price of XRP jumped nearly 70%.<\/p>\n

Coinbase, the largest US-based exchange, also witnessed a noticeable surge in its stock prices.COIN is up nearly 25% since the court\u2019s ruling.\u00a0<\/p>\n

At the time of closing on Friday, COIN traded at $105.<\/p>\n

COIN is also up 213% from year-to-date.\u00a0<\/p>\n

Before the historic court ruling in the Ripple lawsuit, Coinbase shares were rallying as the exchange was listed as a surveillance-sharing partner for several spot bitcoin ETF applicants in the United States, including giants BlackRock and Fidelity.\u00a0
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