Ark Invest Sells Coinbase Shares as Price Nears 52-Week High

The investment management firm of Bitcoin bull Cathie Wood has sold Coinbase (COIN) shares as the stock price approaches its 52-week high.

Ark Invest sold some of its Coinbase holdings for the second time this week after acquiring millions of dollars worth of Coinbase shares during the bear market.

Cathie Wood continues to hold shares of Meta Platforms (META) and Robinhood Markets (HOOD).

The Ark Invest funds of Cathie Wood sold a total of 478,356 Coinbase (COIN) shares worth $53 million on July 14, when the price reached a yearly high of $114.43.

ARK Innovation ETF (ARKK), the flagship fund of Cathie Wood, sold 263,247 COIN shares; ARK Next Generation Internet ETF (ARKW) sold 93,227 COIN shares; and ARK Fintech Innovation ETF (ARKF) sold 35,667 COIN shares.

Friday’s closing price for COIN shares was $105.31, a decrease of 1.58% as investors booked profits. The cost of COIN reached a 24-hour high of $114.43 as the stock price increased 33% this week and 213% annually.

Coinbase, along with other crypto-related stocks, rose in response to the summary judgment in US SEC v. Ripple.

On July 11th, ARK Innovation ETF (ARKK) sold Coinbase (COIN) shares worth $12 million, while ARK Fintech Innovation ETF (ARKF) sold Coinbase (COIN) shares in March for a total of $160,887.

On Friday, Cathie Wood’s Ark Invest funds purchased shares of Meta Platforms (META) and Robinhood (HOOD).

Cathie Wood began buying shares of Meta Platforms in June, when the company announced the launch of “Threads,” a social media application similar to Twitter.

ARK Innovation ETF (ARKK) has acquired 69,793 META shares, while ARK Fintech Innovation ETF (ARKF) has acquired 111,843 Robinhood shares.

ARK Next Generation Internet ETF (ARKW) acquires 12,559 META shares and 169,116 Robinhood shares.

Friday’s closing price for META shares was $308.87, an increase of nearly 5% for the week. In contrast, the Robinhood stock price increased by 13% this week, closing at $12.38 on Friday.