Lucy Jane 
ARK Invest Profits from Selling Coinbase Shares
Cathie Wood, a pro-Bitcoin investment veteran, is profiting from ARK Invest’s extensive Coinbase holdings by selling a portion of its stash.
On July 11, Wood’s investment firm, ARK, sold $12 million worth of Coinbase shares from its largest exchange-traded fund (ETF), the ARK Innovation ETF.
According to the trade notification seen by Cointelegraph, the amount sold represented 0.14 percent of the fund’s total holdings.
The sale coincides with a sharp increase in the price of Coinbase’s stock. According to TradingView data, the price briefly surpassed $90 on July 11, rising from around $82 to as high as $90.9.
On Tuesday, the stock closed at $89 after Wood’s sale.
According to TradingView data, Coinbase stock has increased by more than 60% over the past month and by more than 140% year-to-date.
The new sale by ARK is the second time this year that Wood has profited from Coinbase shares. On March 21, ARK sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF for approximately $84 per share, or $13.5 million.
Before taking fresh profits from ARK’s Coinbase holdings, Wood actively accumulated the stock in multiple ARK funds.
ARK acquired approximately $40 million worth of Coinbase shares in June alone. Previously, the investment firm earned roughly $33 million in Coinbase shares in April and May, as well as $117 million in March.
In recent months, numerous Coinbase executives, including CEO Brian Armstrong, have sold their shares as the price rose.
Armstrong and several other senior Coinbase executives sold 88,058 shares worth approximately $6.9 million on July 6.
Previously, on June 29, Coinbase’s chief accounting officer, Jennifer Jones, also sold 74,375 shares for $5.2 million.
Despite facing a securities violation lawsuit from the United States Securities and Exchange Commission, Coinbase stock has risen.
Fear of missing out on the BlackRock spot Bitcoin ETF filing, which listed Coinbase as a “surveillance-sharing” partner, is primarily responsible for the growth.